Central bank simplifies Know Your Customer norms for small depositors

The central bank has simplified requirements for opening of accounts for the small depositors to encourage their participation in formal financial institutions.
It will also prevent depositors’ discomfort, the central bank said, adding that the simplified 'Know Your Customer' (KYC) forms will now not need to mention citizenship certificate numbers of family members.  
“The second amendment of Know Your Customer is meant for depositors, who have less than Rs 500,000 in their accounts,” according to the Nepal Rastra Bank (NRB). “However, the provision has remained unchanged for large depositors.”

Depositors with a bank balance of more than Rs 500,000 still have to furnish the citizenship certificate numbers of family members and other required documents like PAN registration and proof of address.
The earlier directives of the central bank required citizenship certificate numbers of family members including those of grandparents.
However, the bank and financial institutions might ask for additional papers, if it is suspicious of the customer.