UIDAI letter can be used for opening bank a/c: RBI

Mumbai: The Reserve Bank today asked the commercial banks to accept UIDAI letter as a valid document for opening bank accounts. [caption id=“attachment_95392” align=“alignleft” width=“380” caption=“The Reserve Bank today asked the commercial banks to accept UIDAI letter as a valid document for opening bank accounts. AFP”]  [/caption] “After further consultations with Government, it has now been decided to accept the letter issued by the UIDAI as an officially valid document for opening bank accounts without the limitations applicable to ‘Small’ accounts,” the RBI said in a communication to the banks. Although the UIDAI contains details like name and address, the banks will be required to satisfy themselves about the current address of the customer under the KYC norms, it said. Earlier, banks could open only ‘Small accounts’ on the basis of details provided in the Unique Identification Authority of India (UIDAI) letter. Small accounts is a savings bank account in which the deposits in a year does not exceed Rs one lakh and balance at any point of time is not more than Rs 50,000. PTI