5 Banks Launches Aadhar Based Saral Money

SBI, ICICI Bank, Axis Bank including other two banks, total five banks, today launched Saral Money bank account products using Aadhaar card as address identity proof which customers can use to open an account. To verify in a recent position RBI asked banks to accept Aadhaar card as the proof of both address and identity of the addressee, which was provided by the account holder, was the same as that on the Aadhaar card and on the other identity. The Axis Bank managing director and CEO Shikha Sharma told reporters during the launch of Saral Money that we are bringing down the cost of account and that makes a product lot more attractive and it will be definitely further the cause of financial inclusion which was  launched jointly by Axis Bank, ICICI Bank, HDFC Bank, SBI and Indian Overseas Bank through a product like Aadhaar-enabled KYC (Know Your Customer).

Aadhaar letter can be used as the proof of identity and address at any of these banks and the BC (business correspondent) outlets. It would now be possible for customers to open a Saral Money banking account by providing Aadhaar letter. A news was given on 12 December 2012 by SBI, ICICI, Axis Banks while launching Aadhaar-linked Saral Money bank account opening.

Sharma said that “Both for address proof and identity, Aadhaar can be used. To all of us of course to me, it will change our process and will not require a separate address proof (for opening an account). We needed it because of the regulatory requirement. Saral Money account customers with the help of Visa payment settlement-based would be able to make purchases, point of sale terminals and proposed micro ATMs and send money or receive Government disbursements at the existing ATMs.

2 thoughts on “5 Banks Launches Aadhar Based Saral Money

    1. The banks are asking aadhar holders two introducers. Also why only 5 banks and not all banks follow this. Do we have banks in area of 500 meter vicinity of each resident? The move is bad.How illiterate one will use bank account/ It is hardship to crores of people. Govt which cannot ensure food distribution will ensure cash transfers? and what is the guarantee that money received is not misused by recipient instead of using on children. (Instead of food taking liquor)

Leave a Reply

Your email address will not be published. Required fields are marked *