Last updated on April 23rd, 2018 at 05:26 pm
The Aadhaar is a 12-digit unique number provided to every Indian citizen by the Unique Identification Authority of India. The Aadhaar scheme aims at providing a universal identification to every citizen. It must be noted that the Aadhaar does not replace all the other identification cards like PAN, Voter’s id, Ration card etc and nor does it ensure citizenship of a person. The significance of Aadhaar lies in the fact that unlike other cards, the Aadhaar card comprises of both the demographic as well as the biometric details of an individual. Further, the Badhwar card is important not only because it is backed by the government but also because the details contained in the Aadhaar card are thoroughly verified at the time of enrollment. The Aadhaar data is stored in the UIDAI database which only the authorities can access.
This year the government has made it mandatory to link Aadhaar with the bank account. This step was taken in order to eradicate poverty and to ensure that even the poor section of the society have access to the fruits of development. It has been observed that in spite of several schemes initiated by the government for the upliftment of the weaker section of the society, there has not been much improvement in their condition. This is mainly because of the presence of “ghost workers”, corrupt officials and middlemen who scrap all the government benefits leaving the poor people with minimal of whatever is left. Some of the benefits of seeding Aadhaar with the bank account are
- The most important reason why Aadhaar should be seeded with a bank account is that according to a recent decision by the cabinet all the payments of government schemes will be directly sent to the beneficiary’s account. For example payments of MNREGA, pension, scholarships etc all will be directly deposited to the account.
- The Aadhaar card is also one of the mandatory KYC document which is a person is required to present at the time of opening a bank account. The Aadhaar is used as a KYC by all the banks in India while opening a bank account.
- The payments of government subsidies will also be credited directly to Aadhaar linked bank accounts. Like subsidies of LPG, Kerosene, sugar etc.
The Federal Bank is a private bank whose headquarters are located at Kochi, Aluva, and Kerela. The establishment of the bank dates back to the pre-independence era when the Pattamukkil brothers drafted a blue print of the bank. The bank was established on 7 April 1931. Since its inception, the bank has introduced several unique technological and digital facilities to ensure that their customers and clients have easy access to the bank. For example, it was the first bank in India to introduce the electronic passbook. It was also the first bank to introduce the first of its kind, automated chat facility. Further, the Federal bank is also the first bank to launch the first mobile application to open a bank account.
In order to link Aadhaar with the federal Bank account the following points must be kept in mind:
Steps to be taken by Existing Customers
- The customers are required to carry a photocopy and the original Aadhaar card and bank’s passbook.
- Fill the Application form to link Aadhaar with the bank account available at all bank branch. All the details must be correctly filled.
- After filling the form, it must be submitted to the branch officers
- The bank might ask for the documents for verification. After the verification is completed the bank will hand over the documents to the account holder.
- Once the verification is completed the account will be linked with Aadhaar manually by the bank officers.
- After the linking process is done a confirmation email or SMS will be sent to the account holder.
In case of a new customer, the original, as well as a copy of the Aadhaar card, must be produced at the bank to open a bank account.
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