Make Aadhar common id for banks: RBI

The Reserve Bank of India (RBI), on Friday, said that the credit information bureaus should use Aadhaar number to check the cases of frauds in the banking sector.

The Reserve Bank of India (RBI), on Friday, said that the credit information bureaus should use Aadhaar number to check the cases of frauds in the banking sector.

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“Let us have only one ID, that is Aadhaar, which will be much more convenient to people and easier to identify,” said KC Chakrabarty, deputy governor, RBI. “The use of Aadhaar will help in rooting out many cases from identity frauds (due) to unauthorised documentations,” he added.

He said usage of Aadhaar number will make the functioning of lenders easy as the information can be shared easily across the lenders and also help prevent frauds.

Chakrabarty said that people should get their bank account linked to the Aadhaar number. He also asked the credit information bureaus to focus on retail and small businesses so that those who require credit the most, and have good repayment records till now, get loans easily.