ID proof photocopy not required while exchanging notes: RBI

RBI said that it requires only customers to be present at the banks while exchanging notes with a valid ID proof

New Delhi, Nov 16: The RBI while providing relief to several customers, has asked banks not to collect photocopies of customers' identity proof while exchanging currency of the now defunct Rs 500 and Rs 1,000 notes.

According to a report in TOI, RBI said that it requires only customers to be present at the banks while exchanging notes with a valid ID proof and said that photocopies are not required.

A senior official, who was quoted in the report said: "The bank only needs details and numbers on the requisition slip which the teller will match with entries in a document."

Though the RBI issued the guideline now, there were some banks that did not seek any photocopy from their customers. "While other banks might ask customers coming to exchange money to submit photocopies, we are not doing so. For our bank customers, we already have their KYC details, so there is no point in asking them for identification or proof again," A Vidyasagar, COO of Lakshmi Vilas Bank told the daily.

However, Vidyasagar added that those who were not customers of their bank, were asked to produce their details.

After Narendra Modi annouced that Rs 500 and Rs 1,000 notes will be invalid from Tuesday (Nov 8) midnight, several people made a beeline at the banks to deposit/withdraw or exchange the old currency.

According to the guidelines, people were asked to carry valid ID proof while exchanging currency at the bank. Customers were asked to carry self-attested photocopies of the proof while doing so.

OneIndia News