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RBI updates KYC norms, makes linking Aadhaar with bank accounts mandatory

Credit: PTI

The Reserve Bank of India (RBI) has made seeding of Aadhaar number in bank accounts mandatory as part of updated ‘Know Your Customer (KYC)’ guidelines, although the move will be “subject to the final judgment” on Aaadhar in the Supreme Court of India. The Supreme Court is currently hearing multiple petitions on the constitutional validity of the Aadhaar. If this change in norm is dependent on the Supreme Court's ruling wouldn't it have been more prudent to wait for the judgement to pass? So far the only items needed to open and operate a bank account were an Officially Valid Document (Passport, Voter ID etc) for address proof, a PAN card and a recent passport size photograph. Under the amended Customer Due Diligence (CDD) procedure, RBI said, “The Aadhaar number, the PAN or Form No. 60” need to be obtained…

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