Aadhaar card is a valid proof for opening a bank account under the know your customer (KYC) norms, government said on Wednesday.
"Reserve Bank of India (RBI) has notified that the Aadhaar Card is a valid proof for opening of a bank account under the Know Your Customer (KYC) scheme," Finance Ministry said in a statement.
It said that RBI has advised banks to accept Aadhaar letter issued by Unique Identification Authority of India (UIDAI) as an officially valid document for opening bank accounts without any limitations applicable to small accounts.
RBI has also advised the banks that if the address provided by the account holder is the same as that on Aadhaar letter, it may be accepted as a proof of both identity and address. This was stated by Minister of State for Finance Namo Narain Meena in a written reply to a question in the Lok Sabha, it added further.
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