New Delhi: The bank is about to add a new column in its 'Know Your Customer' (KYC) form. In this, information about the religion of the depositor can be sought. This need has been felt after the recent FEMA Act Regulations changes. Changes in the rules have been made to allow some selected religious minorities, except Muslims, to open NRO accounts and purchase the property.
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According to the report of Times of India, when most of the attention was on the financial crisis, the Reserve Bank made this amendment to the religious bias. The Foreign Exchange Regulation Act was amended in 2018. As per the new rule, it was limited to minority communities in Pakistan, Bangladesh, and Afghanistan who hold long term visas. These people can buy a residential property in India and can also open bank accounts. After amending the rule, Muslim immigrants, migrants from Myanmar, Sri Lanka and Tibet were excluded.
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After the changes in FEMA rules, there was a need to know the religion of the depositors so that selected religious minorities can be given the facility to open NRO accounts and buy the property. Hence banks can now ask for information about religion in their KYC form. According to reports, this change was made in 2018 when most of the attention was towards the financial crisis.
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