New RBI Grade B 2025 Notification will come Soon! Enroll Here

    Question

    Which of the following documents is NOT accepted as

    valid proof for opening a current account by a sole proprietor?
    A ITR (Income Tax Return) of past year Correct Answer Incorrect Answer
    B Udyam Certificate Correct Answer Incorrect Answer
    C GST Registration Certificate Correct Answer Incorrect Answer
    D Certificate issued by Municipality under Shop & Establishment Act Correct Answer Incorrect Answer
    E Utility bills like electricity bill Correct Answer Incorrect Answer

    Solution

    As per RBI KYC Directions for opening accounts of sole proprietorship firms, documents like ITR, Udyam, GST, and local authority certificates are accepted. Utility bills (e.g., electricity/gas) are not considered primary evidence of business existence, though they may be accepted only as supplementary for address proof — not for business validation.

    Practice Next

    Relevant for Exams: