A few weeks after RBI governorRaghuram Rajan stressed on building credit histories of individuals based on theAadhaar number, one bank has introduced unique identity-based eKYC for opening loan and savings accounts.
Axis BankBSE 0.05 %, which is using payment company Visa's network to access Aadhaar database, will introduce the eKYC facility in around 25 branches next week. The branches will open loan and deposit accounts based on the Aadhaar number and fingerprints instead of proof of address and proof of identity. RBI had notified eKYC as an 'officially valid document' under anti-money laundering laws on September 2.
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