RBI to soon allow Aadhaar for banking transactions
Pune: The Reserve Bank of India on Sunday said it will soon allow Aadhaar card as an identity proof for banking transactions that will enable banks to ease the KYC process for millions of customers. add_main_imageThe central bank will soon issue a circular allowing the use of the Aadhaar as KYC, one of its deputy governors, H.R.Khan, said on the sidelines of Bancon, the annual bankers’ conference in Pune. Currently, then Aadhaar card carries a disclaimer that it cannot be used as an identity to conduct banking transactions.NextMAds “KYC norms will be further relaxed soon to allow the use of any one document, which has both address and identity proofs. Khan said routing subsidies through bank accounts under direct cash transfer will enable to improve the efficiency and savings of government-sponsored schemes and various subsidies by eliminating leakages and delays in transfer.
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