The banking and monetary regulator, Reserve Bank of India, is all set to modify the Know-Your-Customer (KYC) norms in order to simplify the KYC process and to include Aadhaar as address proof and identification proof. Talking on the matter, the Deputy Governor of RBI, Mr. H. R. Khan said that in the coming days, RBI could come up with simplified KYC norms and could make Aadhaar the address and identification proof for an individual.
Khan went on to mention that the central bank is contemplating taking policy measures on the matter of International Bank Account Number, which will make the process of bank account portability easy. He said that the central bank is also making efforts to unite post offices and banks through an electronic fund management system. He said that there were ways by which payment system could accelerate the process of financial inclusion. It is reported that India uses the second largest amount of cash to its gross domestic product. He added that RBI is trying to come up with ways to make the country a "less-cash society".
He also talked about the white label ATMs, which are about to be launched. He said that the white label ATMs will be launched shortly and about 10 percent of these will be set up in tier V and tier VI cities.