Aadhaar, PAN cards mandatory for opening bank accounts, says RBI

IBA to list problems in implementation next week

The Reserve Bank of India (RBI) has made Aadhaar and PAN cards mandatory for opening bank accounts. 

The RBI said the updated know-your-customer (KYC) requirement was subject to the Supreme Court’s final judgment on Aadhaar, for which the hearing is under way. 

The central bank updated its master circular on KYC norms where 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. If these details are not available, the customers would have to provide proof that they have applied for these identification documents