Open no-frills a/cs for minorities but adhere to KYC norms

The Reserve Bank of India (RBI) has asked banks that while they should ensure opening of no-frill accounts by members of the minority communities,know-your-customer (KYC) norms should also be properly followed.The RBI has advised the banks to ensure opening of no-frills accounts or other accounts for students from minority communities or other disadvantaged groups.However, while opening such accounts, KYC norms, as appropriate may be followed,RBI said.(BS27082010)