Ensure customer identification even while using ‘Aadhaar’: RBI

Although the Aadhaar card 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, the RBI said

Mumbai: The Reserve Bank of India (RBI) on Wednesday directed urban cooperative banks (UCBs) to ensure customer identification proof while opening accounts on the basis of details provided by the unique national identity number ‘Aadhaar’, reports PTI.

“... it is advised that while opening accounts based on Aadhaar also, banks must satisfy themselves about the current address of the customer by obtaining required proof of the same as per extant instructions,” the RBI said in a circular to UCBs.
The RBI had in September directed banks to accept the Aadhaar card, issued by the Unique Identification Authority of India (UIDAI), as a valid document for opening bank accounts.

Although the Aadhaar card 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 had said.

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COMMENTS

Prashant

5 years ago

RBI is right in asking for separate identification because we cant trust aadhaar too much as it can be gamed.

Subsidy on enhanced housing loan from April this year: RBI

The new scheme under which the loan limit for interest subvention was raised to Rs15 lakh, subject to the total housing cost of Rs25 lakh, will remain valid up to March 2012, the Reserve Bank of India (RBI) said

Mumbai: The liberalised scheme for 1% interest subsidy by government on housing loans up to Rs15 lakh will be available for the borrowers whose loans were sanctioned and disbursed from April this year, reports PTI.

The new scheme under which the loan limit for interest subvention was raised to Rs15 lakh, subject to the total housing cost of Rs25 lakh, will remain valid up to March 2012, the Reserve Bank of India (RBI) said today.

“Loans sanctioned and disbursed between 1 October 2009, and 31 March 2011 are outside the ambit of the new liberalised scheme...” the RBI said in a communication to all scheduled commercial banks.

The interest subvention scheme had started from October 2009 and was originally available on loans up to Rs 10 lakh, subject to a total housing cost of Rs20 lakh.

However, as proposed in the union Budget for the current fiscal, the Cabinet had raised the limit on 25th October to Rs15 lakh and Rs25 lakh, respectively.

With the increase in housing loan ceiling, the limit of subsidy for an individual borrower would go up to Rs14,865 per year for a loan of Rs15 lakh from the earlier limit of Rs9,910 for a loan of Rs10 lakh.

A budgetary provision of Rs500 crore has been made for the fiscal 2011-12 for implementing the scheme.

The government has designated the National Housing Bank as the nodal agency for implementing the scheme both for scheduled commercial banks and housing finance companies.

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Coal PSUs may buy stake in other PSUs to meet sell-off target

While coal secretary Alok Perti sought to downplay the motive of the enquiry of the finance ministry, claiming ignorance, sources said the move might be aimed at meeting the government’s Rs40,000 crore PSU disinvestment target for the fiscal

New Delhi: With the disinvestment programme of the government virtually coming to a halt, coal PSUs (public sector undertakings) may pick up stakes in other public sector units to help the government meet its target of Rs40,000 crore, reports PTI quoting a top ministry official.

“It all depends. If it is financially viable, then why not?” coal secretary Alok Perti told reporters when asked if companies under the ministry were open to buying stakes in other PSUs.

The secretary, however, categorically denied receiving any communication so far in this regard from his counterpart in the finance ministry.

At the same time, he added that the finance ministry had recently sought to know the cash surpluses with Coal India and Neyveli Lignite.

While Mr Perti sought to downplay the motive of the enquiry of the finance ministry, claiming ignorance, sources said the move might be aimed at meeting the government’s Rs40,000 crore PSU disinvestment target for the fiscal.

The government’s disinvestment target for this fiscal has gone haywire on account of the precarious market conditions.

Against the target, it has only been able to generate about Rs1,150 crore so far this fiscal.

It was also reported that the government might look at the “buy-back” option for meeting its disinvestment target for the current fiscal.

“I have not heard anything on buy-back of shares,” Mr Perti said, indicating that the government might not consider that option, as of now.

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