CURRENT AFFAIRS

Detailed explanation-1: -New Banking Rules: Government Makes Aadhaar Card/Pan Card Compulsory To Open Accounts, Deposit/Withdraw Money.

Detailed explanation-2: -Your Aadhaar Card, Driving License, Voters’ Identity Card, Passport or NREGA card-serves as both, proof of identity and proof of address.

Detailed explanation-3: -For other banking services, Aadhaar is a preferred KYC document. However, if you do not wish to submit Aadhaar, then you may use any other officially valid documents as prescribed by Reserve Bank of India. Remember, linking your bank account with Aadhaar in this case is optional.

Detailed explanation-4: -Why Aadhaar is not a mandatory identity proof? A case concerning the constitutional validity of Aadhaar is presented before the Supreme Court. It then passed its verdict in 2018, making it clear that Aadhaar is non-mandatory for opening a bank account or to get a new SIM card, etc.

Detailed explanation-5: -When you open an account, you need to fulfil your KYC or Know Your Customer requirements. For this, you will have to submit certain documents to the bank. While earlier, the need for a PAN card was mandatory to open a bank account, it is no longer so. So yes, you can now open a bank account without a PAN card too!