The Reserve Bank of India ( RBI ) will soon come up with guidelines to simplify know-your-customer (KYC) norms and to make Aadhaar the proof for address and identification. “In the next few days, we will come up with guidelines on simplification of KYC norms and use of Aadhaar both as an address proof and identification proof,” said RBI Deputy Governor H R Khan , while speaking at Bancon 2012. According to Khan, there are also thoughts on coming up with policy measures on the International Bank Account Number , which will facilitate portability. “We are also trying to marry banks and post offices in an electronic fund management system,” he said. He also stressed on the means by which the payment system could work as a catalyst for financial inclusion. Khan said India was the second largest in terms of cash usage to gross domestic product. He said efforts were being made to make India a “less-cash society”.........
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