‘Bank accounts for all’ can be achieved through Aadhaar: Nachiket Mor

Bank accounts for all can be achieved in two years if banks can ride on the Aadhaar enrolment drive that is currently underway, according to Nachiket Mor, Chairman of the RBI-appointed financial inclusion committee.

The Mor committee, which submitted its report on January 7, proposed that banks should provide every individual over 18 years a bank account by January 2016. In India, only 36 per cent adults have bank accounts.

However, many bankers and analysts think that it is too ambitious a target to achieve in two years.

At a press conference at the RBI on Friday, Mor said banks will have to ride on the Aadhaar enrolment drive that is due to be completed by December 2015. As on date, over 50 crore people have been issued biometric-verifiable Aadhaar cards. Read more