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LATEST NEWS UPDATES | ‘NREGS card valid for opening accounts in rural banks’

‘NREGS card valid for opening accounts in rural banks’

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published Published on May 2, 2011   modified Modified on May 2, 2011
THE Reserve Bank of India (RBI) has decided to accept NREGS job cards or Aadhar letter as official documents for opening accounts in rural cooperative banks for persons covered under the scheme.

This will enable the job card holders or the workers to keep their money is safe custody.

An RBI communique to the state and district cooperative banks has said that the accounts can be opened with certain conditions attached as per the RBI rules regarding prevention of money laundering as laid down in 2005.

The apex bank has put a condition that only ‘small’ accounts can be opened against the production of NREGS job cards or Aadhar letter, duly signed by an officer from the the Unique Identification Authority of India.

The card should contain details like name and address of the applicant.

According to RBI rules, small accounts means savings accounts where the aggregate of all credits in a financial year does not exceed Rs 1 lakh; the aggregate of all withdrawals and transfers in a month does not exceed Rs 10,000; and the balance at any point of time does not exceed Rs 50,000.

RBI has further advised that in cases where the banks have relied exclusively on NREGS job cards or Aadhaar letter as complete Know Your Client (KYC) document for opening accounts, the said accounts will be subjected to all conditions and limitations prescribed for small accounts as notified by RBI.

All accounts opened only on the basis of NREGS card or Aadhaar letter should be treated as “small accounts” subject to the relevant rules, the notification added.


The Indian Express, 29 April, 2011, http://www.indianexpress.com/news/nregs-card-valid-for-opening-accounts-in-rural-banks/783299/


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