-The Times of India Unique identification authority said the Aadhaar cards issued by it are a valid residence proof for opening a bank account. "Aadhaar is a valid 'Know Your Customer' (KYC) document for opening a bank account," Unique Identification Development Authority of India (UIDAI) chairman Nandan Nilekani said. "Aadhaar letter has two parts - identity and address. If the address which a person shows to the bank, is the same address...
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States holding up plan to recapitalize regional rural banks by Remya Nair & Anup Roy
The Union government’s plan to recapitalize 40 of the 82 regional rural banks (RRBs) is at risk as some of the state governments are either delaying or refusing to pay their share of money. Due to this, the government has only been able to recapitalize around 12 RRBs, with the stakeholders collectively infusing Rs. 300 crore. The cabinet had approved the Rs. 2,200 crore recapitalization plan of 40 RRBs in February,...
More »Aadhaar alone isn’t enough for a full-fledged bank account by Surabhi Agarwal, Remya Nair & Anup Roy
The finance ministry may have amended the Prevention of Money Laundering Rules, 2005, to notify Aadhaar as adequate to meet KYC norms for opening bank accounts, putting it alongside other identity proofs, but banks are still confused Is a unique ID number or Aadhaar number issued by the Unique Identification Authority of India (UIDAI) enough to satisfy the so-called know-your-customer (KYC) norms that banks have to ensure every account they open...
More »Govt hints at CBI ‘study’ of note on PC by Samanwaya Rautray
A note prepared by the Centre’s counsel and circulated among journalists today suggested the CBI would “study” and “consider” a finance ministry note that appeared to cast aspersions on P. Chidambaram in the 2G scandal. “The new documents, filed for the first time before this court, will naturally be studied and considered by the CBI as usual and may be covered in the next status report,” the note prepared by P.P....
More »Reasons for inflation known, but no light at the end of tunnel by Ashok Dasgupta
Planning Commission, RBI officials hold brainstorming deliberations with experts With the persistent near double-digit headline inflation, despite sustained increases in key policy rates by the Reserve Bank of India, turning out to be “a frustrating experience for policymakers,” senior officials from the Planning Commission, the Finance Ministry and the RBI met with a group of academic economic experts and representatives of the International Monetary Fund (IMF), the World Bank and the...
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