RBI ASKS BANKS TO OPEN NO FRILLS ACCOUNT FOR MINORITY STUDENTS

The RBI has advised all scheduled banks to ensure opening of 'no frills' accounts of students from minority communities or other disadvantaged groups when they approach them, Government said.

The banks would ensure opening of such accounts or other accounts for students of the minority community when they approach banks for availing various scholarships or other benefits offered by the government, Minority Affairs Minister Salman Khurshid said.

He, however, said that while opening such accounts, "know your customer norms as appropriate may be followed".

SOURCE: http://economictimes.indiatimes.com/news/news-by-industry/banking/finance/banking/rbi-asks-banks-to-open-no-frills-account-for-minority-students/articleshow/7093055.cms