What will happen to bank accounts opened through Aadhaar
6 years, 3 months ago

What will happen to bank accounts opened through Aadhaar

Live Mint  

Mumbai: Last week, the Supreme Court said that customers can’t be forced to link their bank accounts to Aadhaar. However, in the last couple of years most banks had started opening online bank accounts using Aadhaar and one-time passwords. “Kotak’s 811 is built on RBI’s Aadhaar-based OTP authentication guideline for opening bank accounts. Aadhaar continues to be available as a KYC document if a customer voluntarily chooses to submit the same,” said Virat Diwanji, president, retail liabilities and branch banking, Kotak Mahindra Bank Ltd. “Further, Aadhaar continues to be one of the six officially valid documents available to customers for completing KYC requirements.

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History of this topic

2 cases where banks can still open accounts with Aadhaar card
6 years, 2 months ago

2 cases where banks can still open accounts with Aadhaar card

Live Mint  

New Delhi: After the Supreme Court judgment that restricted all private entities, including banks, against using Aadhaar for customer identification or KYC service, the Unique Identification Authority of India has given clear instructions to all banks that the Aadhaar card cannot be used to open bank account. For getting subsidy into bank account: If you want money from any government …

Soon, your mobile SIM may be authenticated through OTP
6 years, 2 months ago

Soon, your mobile SIM may be authenticated through OTP

Live Mint  

New Delhi: With the Supreme Court prohibiting telecommunication companies from using Aadhaar for instant verification of new mobile phone subscribers, authorities on Thursday proposed a new mechanism—a mobile application with a one-time password. However, better clarity is needed on how the photo of a person’s identity proof including Aadhaar card would be captured and stored by the SIM card agents.” …

Aadhaar no longer binding, but instant e-KYC uncertain
6 years, 3 months ago

Aadhaar no longer binding, but instant e-KYC uncertain

Live Mint  

After several months of confusion, the Supreme Court last week clarified on use of Aadhaar. For instance, banks had started opening bank accounts through apps, based on Aadhaar KYC—an individual could open these accounts on their own, and upgrade them to a full KYC-compliant account later. The Supreme Court declared the portion of Section 57 of the Aadhaar Act that …

Aadhaar verdict: Is it brakes on OTP-based account opening?
6 years, 3 months ago

Aadhaar verdict: Is it brakes on OTP-based account opening?

The Hindu  

The Supreme Court ruling on Wednesday that Aadhaar is not mandatory for opening bank accounts could affect online opening of accounts. The State Bank of India, Axis Bank and Kotak Mahindra Bank are among the banks that allow opening of bank accounts online using a one-time password through Aadhaar authentication. “If the RBI allows Aadhaar as one of the officially …

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