Original ID proof mandatory for bank transactions above Rs. 50,000

Union Finance Ministry has issued instructions to all financial institutions, both banking and non-banking plus cooperative firms, to insist on original ID proof when anyone seeks to deposit or withdraw sums above Rs. 50,000.

Presently, PAN card is mandatory for such amounts however banks sideline the requirement if the customer is known to them also the IS proofs are not checked to verify genuineness, the ministry said.

According to sources, the ID details of the persons who have not linked Aadhaar and PAN with their bank accounts and transact above Rs. 50,000 will be maintained by authorities.

Electricity, water bill, post-paid mobile bill or telephone bill not older than two months can be used as ID proof, the Ministry added.

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