Reserve Bank of India (RBl) permitted banks to accept Aadhaar number only for 'Know Your Customer' (KYC) verification of customers with DBT accounts with their consent.
a. PAN
b. Ration Card
c. Aadhaar
d. BPL
Details:
- RBI has added the 'Proof of possession of Aadhaar number' to the list of Officially Valid Documents (OVD).
- This was notified by the RBI in its amended Master Direction on KYC.
- RBI's Master Direction is a rule book that the regulated entities need to follow.
- The bank should obtain the Aadhaar number from the customers who receive any benefit or subsidy under Direct Benefit Transfer (DBT).
For Non-DBT beneficiary customers:
- For Non-DBT beneficiary customers, the Regulated Entities (REs) should obtain a certified copy of any OVD describing the details of customer's identity and address along with 1 recent photograph.
- Along with this, while submitting Aadhaar for Customer Due Diligence, the RES must redact or blackout the Aadhaar number as per Sub-rule 16 of Rule 9 of the amended Prevention of Money-Laundering(PML) Rules.
- All the non-individual customers should submit Permanent Account Number(PAN)/Form No 60 (for companies and Partnership firms - only PAN) along with other documents.
- Form 60 is submitted by an individual who do not have a Permanent Account Number (PAN).
Question:
Q. Reserve Bank of India (RBl) permitted banks to accept which number only for 'Know Your Customer' (KYC) verification of customers with DBT accounts with their consent?a. PAN
b. Ration Card
c. Aadhaar
d. BPL
