RBI issues new rules and regulations for JanDhan accounts

rbi1Reserve Bank of India (RBI) has issued new rules and regulations for withdrawal of amount from ‘Jandhan’ Accounts.

‘Jandhan’ Account Holders, who have submitted KYC documents can withdraw Rs.10,000/- per month.

Jandhan’ Account Holders, who have not submitted KYC documents can withdraw Rs.5,000/- per month.

KYC- means, KYC means “Know Your Customer”, its information about the identity and address of the customers.

The decison was taken to protect Pradhan Mantri Jan Dhan Yojana from activities of money launderers and legal consequences. Finance Ministry had set an upper limit of Rs 50,000 for deposits into Jan Dhan accounts.