IAF SIGNS AN AGREEMENT WITH ISRO FOR GAGANYAAN MISSION

Prelims level : Science & Technology Mains level : Space Technology
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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).

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