IAF SIGNS AN AGREEMENT WITH ISRO FOR GAGANYAAN MISSION
02, Jun 2019
Prelims level : Science & Technology
Mains level : Space Technology
Why in News?
- • Reserve Bank of India (RBl) permitted banks to accept Aadhaar number only for ‘Know Your Customer’ (KYC) verification of customers with DBT accounts with their consent.
Highlights:
- • RBI has added the ‘Proof of possession of Aadhaar number’ to the list of Officially Valid Documents (OVD).
- • This was notified by the RBI in its amended Master Direction on KYC.
- • RBI’s Master Direction is a rule book that the regulated entities need to follow.
- • The bank should obtain the Aadhaar number from the customers who receive any benefit or subsidy under Direct Benefit Transfer (DBT).
For Non-DBT beneficiary customers:
- • For Non-DBT beneficiary customers, the Regulated Entities (REs) should obtain a certified copy of any OVD describing the details of customer’s identity and address along with 1 recent photograph.
- • Along with this, while submitting Aadhaar for Customer Due Diligence, the RES must redact or blackout the Aadhaar number as per Sub-rule 16 of Rule 9 of the amended Prevention of Money-Laundering(PML) Rules.
- • All the non-individual customers should submit Permanent Account Number(PAN)/Form No 60 (for companies and Partnership firms – only PAN) along with other documents.
• Form 60 is submitted by an individual who do not have a Permanent Account Number (PAN).