Reserve Bank of India (RBI) has amended its know your customer (KYC) rules to allow banks to open new accounts using one time pins (OTPs) on mobile phones. This is likely to quicken the process of opening bank accounts. In a notification on its website RBI said banks can provide OTPs to complete their KYC procedure electronically after taking a consent from customers. These accounts will not be allowed to hold more than Rs 1 lakh in aggregate deposits.