RBI Asks Banks To Switch To Limited KYC To Use VID In Place Of Aadhaar

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    The apex bank has asked all banks to switch to limited KYC to deploy their systems by June 30 in such a way to adopt VID or virtual ID in place of Aadhaar. With this system in place, individuals will be able to provide aadhaar or VID for validation of all such details including name and address from the UIDAI's database.

    RBI Asks Banks To Switch To Limited KYC To Use VID In Place Of Aadhaar

    The directive has come in the wake of the proposed July 1 roll-out of the VID or virtual identification number.

    In April, the Aadhaar issuing body came up with the beta version of VID that enabled users to generate the VID and make use of it for updating address in aadhaar online. If not followed by banks, penalty implications will arise.

    The concept of VID was introduced after security issues pertaining to aadhaar came up and the 16-digit number mapped to the individual's aadhaar number together with the concern's biometrics will only fetch limited details of the person as per the requirement for verification and validation.

    The aadhaar holder is allowed to create as many VIDs but the last created VID has to be revoked for application of the freshly created VID.

    Goodreturns.in

    Read more about: rbi vid aadhaar kyc
    Story first published: Saturday, June 23, 2018, 11:39 [IST]
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