‘Aadhaar seeding must for bank accounts under KYC norms’

Source: The Hitavada      Date: 23 Apr 2018 11:30:12


 

THE Reserve Bank of India (RBI) has made linking of national biometric ID Aadhaar to bank accounts mandatory as part of its updated ‘Know Your Customer (KYC)’ guidelines. This, however, will be subject to the final decision of the Supreme Court on making of Aadhaar mandatory. 

Till now, an Officially Valid Document (OVD) for address proof together with Permanent Account Number (PAN) issued by the Income Tax Department and a recent passport size photograph were the key KYC documents. But in the amended Customer Due Diligence (CDD) procedure, RBI said, “Aadhaar number, PAN or Form No. 60” need to be obtained from an individual who is eligible for applying for the biometric ID.