What's New



No. of views : (484) News List

Bank Account Opening without Aadhaar Card

...................................................................................................

Posted on : 17/May/2018 13:15:31




 
 
 
On Wednesday the Indian Government released an order in its gazette notifications regarding the selected category to verify the Bank Accounts opening with other Identification documents instead of mandatory Aadhar Biometric identification.

Old-aged People, Sick and Injured People can use their alternative ID’s for the bank account verification. The Central Ministry clearly mentions the selected consideration for People who are unable to provide a biometric verification because of their ill-health and age considerations. They can be exempted out from the Aadhar based verification rules in opening a bank account.

Every reporting entity will be formulating the client due diligence program and then formulate it for the purpose of verifying the identification with alternate IDs. The actual process of Aadhaar based verification is to control the money laundering and other illegal financial jumps but the mandatory factor may not be applicable for all classes and divisions of people, especially in a country like India where there is huge financial and cultural shifts for each 100 kms of land.

This announcement is well encouraged by the people especially after the Supreme Court’s official order to indefinitely extend the deadline for Aadhaar based verification of bank accounts.