Wednesday, September 11, 2013

RBI relaxes KYC norms for urban cooperative banks to cater to foreign students

............"UCBs may open a non-resident ordinary (NRO) bank account of a foreign student on the basis of his/her passport (with appropriate visa and immigration) which contains proof of identity and address in the home country along with a photograph and a letter offering admission from the educational institution," RBI said in a notification on Tuesday. It further said that within 30 days of opening the said account, the student concerned should submit a valid local address proof, which could be a rent agreement or a letter from his/her educational institution............

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