The Reserve Bank
of India’s committee on comprehensive financial services for small businesses
and low-income households headed by Nachiket Mor on Friday said that the Aadhaar
process was adequate to enable every Indian to get a bank account by January 1,
2016.
“Target is dependent on our perception of
what is happening to Aadhaar. The bank account target is really an electronic
target, as we have articulated it. The big task in really opening a bank
account is verifying all the documents and the customer. This is all being done
by Aadhaar. The thought was that banks make use of the verification being done
by Aadhaar. As soon as an Aadhaar is issued, only an instruction has to be
issued to a willing bank to go ahead and open an account. So, opening the
account should not be a difficult task unless you argue that Aadhaar accounts
will not be done by 2015,” said Mr. Mor, while addressing a press conference
here.
“We had discussion with Nandan Nilekani
also….. So, we fixed January 1, 2016, as a target,” said Mr. Mor adding, “if
you think of it as an independent process, where banks have to go back and open
these accounts, it will take a longer time. It also takes Rs.200-300 to open an
account otherwise.”
The committee, while laying down its vision
statement for financial inclusion and deepening, has suggested providing a
universal bank account to all Indians above the age of 18 years by January 1,
2016. He said that the account opening process should be totally automatic and
free. “But people will be happy to pay the money if you give them the service.”