New Delhi, April 21 :  Reserve Bank of India (RBI) has made Aadhaar mandatory for bank accounts till the Supreme Court passes its order on the 12-digit unique identification number.

The RBI issued a circular late last night and said Know Your Customer (KYC) norms have been updated following the government's decision to update the 'Prevention of Money Laundering' rules in June 2017.

"The revised Master Direction is in accordance with the changes carried out in the PML Rules vide Gazette Notification GSR 538 (E) dated June 1, 2017 and thereafter and is subject to the final judgment of the Hon'ble Supreme Court," RBI said while updating its direction on KYC norms.

RBI said banks must obtain the following documents from an individual while establishing an account based relationship:

· The Aadhaar number from an individual eligible for enrollment of Aadhaar

· Permanent Account Number (PAN) or Form No. 60

· Where an Aadhaar number has not been assigned, proof of enrollment for Aadhaar

The RBI reiterated that no account can be opened in an anonymous or fictitious name.

"Regulated entities (REs) have to ensure that no account is opened where the RE is unable to apply appropriate customer due diligence (CDD) measures, either due to non-cooperation of the customer or non-reliability of the documents/information furnished by the customer," said the central bank.

Residents of Jammu and Kashmir, Assam and Meghalaya have been exempted from this rule.

They would be required to submit a certified copy of an Officially Valid Document (OVD) containing details of identity and address and one recent photograph.

The Non-Resident Indians (NRIs) will have to submit a PAN or Form 60, one photograph and certified copy of any officially valid document of identity and address.

(This is an unedited and auto-generated story from Syndicated News feed, LatestLY Staff may not have modified or edited the content body)