Page 8 - Banking Finance AUGUST 2015

RBI CORNER

RESERVE BANK

RBI to set up Central RBI approves Utility bills as a valid proof of address
Fraud Registry
The Reserve Bank has confirmed that issued to retired employees by gov-
The Reserve Bank of India is plan- the bills for postpaid mobile service, ernment departments or PSUs, if they
ning to set piped gas and water supply can now contain the address too will be OVDs.
up Central be submitted as proof of address for Letter of allotment of accommodation
Fraud Reg- opening bank account.
istry as from employer issued by
part of an In a recent notification government, regulatory
it said that, "Utility bills body, PSUs banks, finan-
early warning system for banks. The which is not more than cial institutions and list-
idea is to set up a structure for quick two months old of any ed companies have also
sharing of information about unscru- service provider (elec- been added to the list of
pulous borrowers and help banks tricity, telephone, post- OVDs.
fight bad loans. paid mobile phone, piped gas, water
bill) for the limited purpose of proof of Earlier RBI had said that only pass-
RBI rolls consumer con- address are deemed to be officially port, driving licence, PAN Card, Vot-
fidence survey valid documents (OVD) under simpli- er's I-Card, MNREGA card, Aadhar
fied measures." The Centre has amend- number were to be considered as
The Reserve Bank of India recently ed the Prevention of Money Launder- OVDs for proof of identity and address.
launched the June round of its quar- ing (Maintenance of Records) Rules, But the recent notifications approves
terly Consumer Confidence Survey, 2005, providing additional relaxations documents issued by government de-
which aimed for the purpose of proof of address, it partments of foreign jurisdictions and
at capturing said. letters issued by foreign embassy or
subjective re- Mission in India too to be OVDs for
sponses of Bank account or post office savings address proof in case of banks, all pay-
residents bank account statement, pension or ment system providers, prepaid pay-
from metropolitan cities on ques- family pension payment orders(PPO) ment instrument issuers and money
tions pertaining to general econom- transfer agents.
ic conditions. The survey will include
a sample of around 5,400 residents Entrepot norms for Bhutan-Nepal made easy
from Bengaluru, Chennai, Hydera-
bad, Kolkata, Mumbai and New RBI has released entrepot norms for Nepal and Bhutan. "It is clarified herein
Delhi. that goods consigned to the importers of Nepal and Bhutan from third coun-
tries under merchanting trade from India would qualify as traffic-in-transit, if
they comply with treaties" according to RBI.

8 | 2015 | AUGUST | BANKING FINANCE