-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...

-PTI   The UIDAI chief Nandan Nilekani today asserted that the authority set up for issuing national identity cards was working under the powers delegated by the Prime Minister. "My powers have been delegated by the Prime minister," Unique Identification Development Authority of India (UIDAI) Chairman Nilekani said when asked whether the authority was on a collision course with the Planning Commission. "We are an attached office of the Planning Commission and by series...

-The Economic Times   The Planning Commission has raised questions about the administrative structure of the Nandan Nilekani-led Unique Identity Authority of India (UIDAI) and called for the appointment of an independent financial advisor to monitor its finances and transactions, days after the finance ministry rejected the authority's Rs 15,000 crore funding proposal. "The UIDAI's present system represents a major departure from government procedures and removes all inbuilt checks and balances. We...

-The Business Standard   Several Indian states have deployed information technology (IT) to improve the operations of their public distribution system (PDS). Madhya Pradesh has gone the farthest in this regard by issuing ration cards to only those with unique identification (UID) numbers. The state is also using the services of an IT firm. Since an IT system takes some time to be put in place and then some more to get...

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...