UIDAI letters for Aadhaar valid document for opening bank accounts: RBI

UIDAI letters for Aadhaar valid document for opening bank accounts: RBI

Mumbai: Reserve Bank of india (RBI) has allowed banks to accept the letter issued by the Unique Identification Authority of India (UIDAI) for its Aadhaar number as an officially valid document for opening savings bank accounts without any limitations.

So far the Aadhaar letter was considered as a valid document only for the so-called no frills accounts which limited the aggregate credits in the account to 1,00,000. Withdrawals and transfers also cannot exceed 10,000 and balance at any point cannot be more than 50,000 in a no frills account. But banks must continue to verify the customer address before opening any account, RBI said.

joel.r@livemint.com

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