Select Category Can Open Bank Account Without Aadhaar: Govt.

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    The government in its gazette notification on Wednesday has allowed old aged, ill and injured people to use other or alternative IDs for authentication instead of the otherwise mandated national biometric ID Aadhaar for customer verification in respect of bank account opening.

    Select Category Can Open Bank Account Without Aadhaar: Govt.

    The amendment comes as a rescue to such people and provides for "appropriate exemptions, limitations and conditions and alternative and viable means of identification, to provide account based services to clients who are unable to undergo biometric authentication owing to injury, illness or infirmity on account of old age or otherwise, and such like causes."

    Also the notification added, "Every reporting entity will formulate and implement a client due diligence programme...".

    So, in line the rules per se prevention of money laundering have been changed to provide for alternative means of validation and verification, for select individuals who face trouble with biometric authentication.

    With this amendment in place genuine individuals will be able to continue availing banking and other financial services that were denied to them for some time now due to the aadhaar mandate.

    In March , the Supreme has extended its earlier March 31 deadline indefinitely for linking bank accounts and mobile number with aadhaar.

    Goodreturns.in

    Story first published: Thursday, May 17, 2018, 7:04 [IST]
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