RBI makes Aadhaar card must for KYC but says new norms ‘subject to final judgement’

RBI makes Aadhaar card must for KYC but says new norms ‘subject to final judgement’

Mumbai: In what seems to be a major step in the Aadhaar row, the Reserve Bank of India (RBI) on Friday said banks and financial institutions would have to verify Aadhaar for due diligence purposes,  removing all other sections of “officially valid documents” used by organisations as identity proofs, reported The Times of India. However, the central bank said that the measures would only come into effect after a final verdict is given by the Supreme Court (SC) on the integration of Aadhaar for a range of services.

The top bank said in a circular released yesterday that the revision comes in light of the Aadhaar verdict which is still pending in the count. It went on to say the measure was taken as it is not known when the new guidelines, earlier amended by the government last year, would come to force. It may be noted that the Supreme Court had earlier removed all sorts of Aadhaar-related mandates that were supposed to come into effect since March 31 and said these rules would come into effect after a final verdict on the matter.

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According to the report, the circular instructs all entities under the RBI’s watch to obtain Aadhaar number from any individual eligible for Aadhaar enrollment, a PAN or permanent account number or Form NO. 60 as mentioned in income tax rules. So it basically means that all Indian citizens would have to furnish Aadhaar to all banks, provided the SC upholds the constitutional validity of Aadhaar. It should be noted, however, the people from the state of Jammu and Kashmir, Assam and Meghalaya have their Aadhaar norms relaxed.


Source by timesnownews..



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