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Patna,(BiharTimes): The Central Bank of India has a plan to open account with minimum balance for 80 lakh school children in Bihar.
Making the announcement its Executive Director R K Dubey said that the objective is to inculcate the habit of saving among children.
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He said that opening of accounts in the name of schoolchildren was quite relevant in Bihar as the government was providing various scholarships to school going kids. Besides, they are getting money for purchasing bicycles and school uniforms.
Dubey said that opening of no-frill accounts for schoolchildren was not possible because the Reserve Bank of India guidelines provided for "Know your customer" (KYC) norm. The KYC provision was important for checking opening of benami accounts, he said.
He further said that under the Mahatma Gandhi National Rural Employment Guarantee Scheme, no-frill accounts were opened, but in such cases the addresses of beneficiaries are recorded under e-Shakti programme.
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