Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
»
2-min read

Banks Can Use Aadhaar for KYC With Customer's Consent: RBI

In February, the Union Cabinet had approved promulgation of an ordinance to allow voluntary use of the 12-digit unique number as identity proof for opening bank account and procuring mobile phone connection.

PTI

Updated:May 29, 2019, 10:59 PM IST
facebookTwitterskypewhatsapp
Banks Can Use Aadhaar for KYC With Customer's Consent: RBI
Representative image
Loading...

Mumbai: Banks can use Aadhaar for KYC verification with the customer's consent, the Reserve Bank said on Wednesday as it updated its list of documents eligible for identification of individuals.

The RBI specifies Know Your Customer (KYC) norms to be followed by banks and other entities regulated by it for various customer services, including opening of bank accounts.

"Banks have been allowed to carry out Aadhaar authentication/offline-verification of an individual who voluntarily uses his Aadhaar number for identification purpose," the central bank said in its amended Master Direction on KYC.

In February, the Union Cabinet had approved promulgation of an ordinance to allow voluntary use of the 12-digit unique number as identity proof for opening bank account and procuring mobile phone connection.

The ordinance was necessitated as a bill, passed by the Lok Sabha on January 4 but pending in the Rajya Sabha, would have lapsed with the dissolution of the current Lok Sabha. The ordinance gave effect to changes in the Aadhaar Act such as giving a child an option to exit from the biometric ID programme on attaining 18 years of age.

The RBI further said that 'Proof of possession of Aadhaar number' has been added to the list of Officially Valid Documents (OVD).

For customer identification of individuals, the RBI said those desirous of receiving any benefit or subsidy under direct benefit transfer (DBT), the bank should obtain the customer's Aadhaar and may carry out its e-KYC authentication.

For non-DBT beneficiary customers, the Regulated Entities (REs) should obtain a certified copy of any OVD containing details of customer's identity and address along with one recent photograph.

"REs shall ensure that the customers (non-DBT beneficiaries) while submitting Aadhaar for Customer Due Diligence, redact or blackout their Aadhaar number in terms of sub-rule 16 of Rule 9 of the amended PML Rules," it added.

The amended KYC norms further said for non-individual customers, PAN/Form No 60 of the entity (for companies and Partnership firms - only PAN) should be obtained apart from other entity related documents. The PAN/Form No 60 of the authorised signatories shall also be obtained.

Form 60 is required to be submitted by an individual who does not have a Permanent Account Number (PAN).

"For existing bank account holders, PAN or Form No 60 is to be submitted within such timelines as may be notified by the Government, failing which account shall be subject to temporary ceasing till PAN or Form No 60 is submitted," the RBI said.

However, before temporarily ceasing operations for an account, RE shall give the customer an accessible notice and a reasonable opportunity to be heard, it added.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Indiabulls Hsg 639.05 4.38
Reliance 1,283.50 -0.82
BEML 924.55 1.47
SBI 359.90 0.49
HDFC Bank 2,481.00 0.53
Company Price Change %Gain
Shriram Trans 1,100.20 0.02
Nestle 11,700.40 -0.85
Reliance Infra 58.85 -3.45
IDFC 35.10 -0.71
BEML 924.45 1.45
Top Gainers
Company Price Change %Gain
Indiabulls Hsg 623.40 1.82
Eicher Motors 19,490.00 1.77
M&M 655.10 1.80
Tata Motors 163.65 1.58
Bharti Infratel 275.60 1.62
Company Price Change %Gain
M&M 654.60 1.76
Tata Motors 164.05 1.83
Axis Bank 799.70 1.36
IndusInd Bank 1,454.20 1.32
HUL 1,785.45 1.38
Top Losers
Company Price Change %Gain
Tech Mahindra 705.55 -1.75
Adani Ports 409.75 -1.25
UPL 948.90 -1.00
Bharti Airtel 342.20 -0.97
Dr Reddys Labs 2,560.70 -0.71
Company Price Change %Gain
Power Grid Corp 207.75 -1.00
Bharti Airtel 342.15 -0.93
Reliance 1,283.65 -0.84
Yes Bank 112.40 -0.62
ITC 276.55 -0.29

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results