Friday 27 May 2022
- Advertisement -

Aadhaar, PAN mandatory for bank accounts under new KYC norms

In the amended Customer Due Diligence (CDD) procedure, RBI said, "The Aadhaar number, the PAN or Form No. 60" need to be obtained from an individual who is eligible for applying for the biometric ID

 Mumbai: Seeking to put an end to the confusion, the Reserve Bank of India (RBI) has made linking of national biometric ID Aadhaar to bank accounts mandatory as part of its updated ‘Know Your Customer (KYC)’ guidelines.

 

This, however, will be subject to the final decision of the on making of Aadhaar mandatory, said in a circular late last night.

In the amended Customer Due Diligence (CDD) procedure, said, “The Aadhaar number, the or Form No. 60” need to be obtained from an individual who is eligible for applying for the biometric ID.

said Aadhaar number shall not be sought from individuals who are not residents. “From an individual who is not eligible to be enrolled for an Aadhaar number, or who is not a resident, the following shall be obtained: or Form No. 60, one recent photograph and a certified copy of an OVD containing details of identity and address.”

said the KYC norms have been updated following the government’s decision to update the ‘Prevention of Money Laundering’ (PML) rules in June 2017.

The government had last month extended the date for submission of Aadhaar details for existing bank account holders indefinitely. A date would be notified of the final judgement in the challenging Aadhaar being heard before the Supreme Court, the government had said.

According to the Aadhaar Act, a person who is residing in India for more than 180 days is eligible for applying for an Aadhaar number.

Contribute to our cause

Contribute to the nation's cause

Sirf News needs to recruit journalists in large numbers to increase the volume of its reports and articles to at least 100 a day, which will make us mainstream, which is necessary to challenge the anti-India discourse by established media houses. Besides there are monthly liabilities like the subscription fees of news agencies, the cost of a dedicated server, office maintenance, marketing expenses, etc. Donation is our only source of income. Please serve the cause of the nation by donating generously.

Join Sirf News on

and/or

Similar Articles

Comments

Scan to donate

Swadharma QR Code
Advertisment
Sirf News Facebook Page QR Code
Facebook page of Sirf News: Scan to like and follow

Most Popular

[prisna-google-website-translator]
%d bloggers like this: