KYC for Subbarao

Addressing yet another event in Mumbai on Wednesday last week, Reserve Bank of India (RBI) Governor Raghuram Rajan highlighted the need to minimise the regulatory burden for things such as the Know Your Customer (KYC) norms. This was brought to his notice, he said, when he discovered that his predecessor, D Subbarao could not open a bank account in Hyderabad. This was because he did not have the requisite proof of address having just moved from Mumbai to Hyderabad. "Dr Subbarao, excuse me for using your example," Rajan said, adding, "So most recently we did away with the requirement that you should have proof of current address. Proof of any address will do and the bank will determine the proof of current address over time."