Banks can now accept registration and licensing documents issued by the central or state governments as identification proof for opening proprietary accounts as per Know Your Customer norms, the RBI said. Proprietary accounts reflect actual financial position of a firm like assets, liabilities and reserves. Banks can now also accept Importer Exporter Code issued by the directorate-general of foreign trade for the purpose, according to a RBI notification. “Banks may also accept any registration/licensing document issued in the name of the proprietary concern by the central government or state government authority.”