RBI says no need of photocopies of ID proof on exchange

"The bank only needs details and numbers on the requisition slip which the teller will match with entries in a document"

India’s apex bank, Reserve Bank of India has clarified that it hasn’t asked for photocopies of identity proofs by the public exchanging the old currency notes.

RBI along with the head offices of most commercial banks have reportedly not asked the banks to collect photocopies of customers’ identities for the exchange of now-illegal tender.

Reportedly, Times of India recieved an email reply from RBI which said that its guidelines only require customers to present and show valid proof, the photocopies are not required. A senior official of the State Bank of India confirmed this. “The bank only needs details and numbers on the requisition slip which the teller will match with entries in a document,” he said.

Even though most bank branches including several of SBI have been insisting on photocopies, which has been one of the reasons for the ever-increasing and slow moving queues at the banks. It has also been reported that some branches have even offered to copy the document in the branch when customers turn up with only the original copy of their identity.

However, other banks have been claimed to follow dual approach.

A Vidyasagar, COO, Lakshmi Vilas Bank said, “While other banks might ask customers, coming to exchange money to submit photocopies, we are not doing so. For our bank customers we already have their KYC details, so there is no point in asking them for identification or proof again.” He added,  “For non-bank customers we do get photocopies, but we ask them to sign their names with date, purpose and bank branch.”

It was clearly mentioned in the gazette notification withdrawing the old high denomination notes that  people can exchange notes at any bank by submitting a requisition slip and proof of identity.

On November 8, Prime Minister Narendra Modi had announced Rs 1000 and Rs 500 currency notes as illegal tender from the midnight, and introduced new Rs 500 and Rs 2000 notes. The move had caused chaos across the country.