Burden of proof to be history as RBI pushes for KYC revamp

Jun 16 2014, 05:54 IST
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SummarySimplified ‘proof of address’ norm for opening an account set to pave the way for greater financial inclusion.

Register to give people Aadhaar numbers by December 2015. The numbers have already reached 54.37 crore individuals with about 3 crore new ones being generated every month. About 24 crore of these have asked for new bank accounts to be opened. So if banks are willing (SBI, Axis and Bank of Baroda have indicated that they are) then simply opening an electronic bank account for all Aadhaar holders should not be a challenge,” RBI Central Board Member Nachiket Mor said in an earlier interview to The Indian Express. With the RBI beginning to take measures to bring more people under banking, more steps could be in the offing.

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