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Last month the Delhi government launched Saral Money, a payment product that helps to fill in the financial inclusion gap for individuals who don’t have the required identification verification documents to open a bank account. With Saral Money, one can open a basic account with one of India’s most prominent banks using just an Aadhar number. Aadhar numbers, issued by the government on a volunteer opt-in basis, are unique 12-digit identification numbers linked to an individual’s demographic and biometric information. Governance Now has more on the story through their post Next Aadhaar in Financial Inclusion: Saral prepaid card, which is copied in part below.

Delhi government on Wednesday launched the ‘Saral Money Prepaid card’ to provide banking services to those people who are unable to open a bank account due to lack of supporting documents for their ‘know your customer’ (KYC) verification. Saral has been launched by five of India’s prominent banks namely Axis Bank, HDFC Bank, ICICI Bank, Indian Overseas Bank and State Bank of India in collaboration with the payment gateway provider, Visa and Aadhar.

To open a bank account with the above five banks and to get a Saral Money Prepaid card, a person will now just have to produce the Aadhar card to fulfill the KYC norms. The limit of such accounts will be Rs 50,000 and the customer will be able to do cashless transactions with the help of the Saral card at the many authorised places in the city.

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