Recognizing Aadhaar Number for Inclusion in KYC Norms
Government of India vide notification dated December 16, 2010 has recognized the letter issued by the Unique Identification Authority of India (UIDAI) containing details of name, address and Aadhaar Number as an “officially valid document” to satisfy the ‘Know Your Customer’ (KYC) norms for opening small accounts in banks. This is expected to promote the financial inclusion of the poor and the hitherto excluded by making it possible for them to easily establish their identity and open bank accounts. The UIDAI is facilitating opening of bank accounts for the residents at the time of enrolment for Aadhaar through partner banks and acceptance of the letter of UIDAI as a valid KYC will make the process seamless.
Indian Banks’ Association (IBA) has informed that 22 Public Sector Banks have signed an agreement with UIDAI to act as registrars for the Aadhaar Project. IBA has informed that to act as registrars for Aadhaar project, banks have been executing the Memorandum of Undertaking (MoU) with UIDAI.
This information was given by the Minister of State for Finance, Shri Namo Narain Meena in written reply to a question raised in Rajya Sabha today.
Related posts:
- Ministry of Finance Notification recognises Aadhaar number for Opening of Bank Accounts
- Aadhaar (UID) may reduce the SIM activation Process time to 5 minutes from 3 days
- IT department and UIDAI agreed to come together for rolling out PAN cards with unique 16 digit Aadhaar number
- Unique identification number (UID ) soon be sufficient to open bank account
- Unique Identification Authority of India (UIDAI) Selects Agencies to Implement a Multimodal Biometric Solution for “Aadhaar” programme
