Question
What is the maximum aggregate balance permitted in bank
accounts opened using Aadhaar OTP-based e-KYC in a non-face-to-face mode?Solution
• RBI allows Aadhaar OTP-based e-KYC for opening accounts in non-face-to-face mode, but with restrictions. • Such accounts cannot have an aggregate balance exceeding ₹1,00,000 at any time. • These accounts must be converted into full-KYC accounts within 1 year, failing which restrictions may apply. • This safeguard helps in risk mitigation and prevents misuse.
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