Unique Identification Number (UID) is soon going to be the only requirement for opening up bank accounts. The project titled 'Aadhaar' has been officially given authentication as being a 'valid document' by the Ministry of Finance.

Aadhaar will now be sufficient to fulfill KYC norms for opening accounts with banks.

The ministry said that the step has been taken so that the poor find it easy to establish their identity in banks and the motive of financial inclusion is achieved.

The process has already been brought to practice by some banks, said sources.

Apart from this facility, Aadhaar can be used by citizens of India to avail a vast range of benefits and services.