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.
RBI in a cmmunique 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.
