UID number enough to open bank account

The Union Finance Ministry has instructed banks to consider Aadhaar number as an “officially valid document” to satisfy the know your customer (KYC) norms for opening bank accounts.

The government expects that by making UID number as proof of documents to open bank accounts will help promote the financial inclusion of the poor and the hitherto excluded by making it possible for them to easily establish their identity and open bank accounts.

The Unique Identification Authority of India is facilitating opening of bank accounts for the residents at the time of enrolment for Aadhaar through partner banks and acceptance of Aadhaar as a valid KYC will make the process easier.

According to sources, the process had already been implemented in some of the banks. The new forms for opening an account will have a column for writing in the unique number.

A 12-digit exclusive number “Aadhaar” is being issued by the government to act as a unique identification for citizens which is linked to the resident’s demographic and biometric information.

They can utilise the number for identification purpose anywhere in India and access a host of benefits and services.