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Reserve Bank of India reiterates Aadhaar, PAN mandatory for bank accounts

central banker updated its master circular on KYC norms and it omitted various documents that could be used for due-diligence purposes

The Reserve Bank of India (RBI) has now reiterated that Aadhaar and PAN cards have become mandatory for opening bank accounts.

The central banker updated its master circular on KYC norms and it omitted various documents that could be used for due-diligence purposes.

The updated circular said Aadhaar and PAN numbers must be quoted for new bank accounts.

It was said that pending these details, the customers would have to provide proof that they have applied for these identification documents within the past six months.

According to the circular, account holders would be assigned ‘small accounts’ without Aadhaar and PAN numbers and would have severe restrictions on transactions.

It would also be closely monitored to ensure no foreign transactions take place.

Such accounts are opened only at core banking solution-linked branches or in a branch where it is possible to manually monitor and ensure that foreign remittances are not credited to the account.

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Reserve Bank of India reiterates Aadhaar, PAN mandatory for bank accounts
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