Open a/c for minority students, banks told

“It has been brought to our notice by Ministry of Minority Affairs Secretary that banks are not opening ‘no-frills’ accounts in favour of students from minority communities who wish to avail of the scholarships being awarded by the Ministry through the State/UT governments,” RBI said in a statement.

This is causing hardship to the applicants for scholarship schemes of the government and is inviting criticism, it said.

Therefore, it has been advised to ensure opening of no-frills accounts or other accounts for students from minority communities or other disadvantaged groups, when they approach a bank, for availing various scholarships or other benefits offered by the government.

However, while opening such accounts, KYC (Know Your Customer) norms as appropriate may be followed for the purpose.

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