Opening bank accounts for small customers still a problem

For the small customers opening bank accounts and carrying out transactions like currency exchange is still a difficult task. Even the Reserve Bank of India expressed discontentment over the issue.

In an annual general meeting of Indian Banks Association’s, RBI Deputy Governor Usha Thorat said still many of the branches are not using a simple form of Know-Your-Customer guidelines for opening accounts. Customers are still finding difficulty to go to a branch for foreign exchange transactions.

Thorat added soon RBI will be issuing further instructions for "operationalising" the farm loan waiver scheme. On rising bad debts in the farm loan sector, she said, "We have data on NPAs in all sectors."

Two – three days back SBI had rolled back ban on new farm equipment financing following pressure from the government and industry bodies. "SBI has clarified the scheme," the RBI deputy governor said at the event.