The aim of opening an Aadhar-linked electronic bank account for every Indian by the start of 2016 is feasible, Nachiket Mor, chairman of the panel that has set the two-year target, said.

Mor-headed panel recommended that an electronic bank account be opened automatically with every Aadhar number for every adult citizen of India.  The panel also set a deadline of January 1, 2016, for getting each citizen an Aadhar-linked bank account.  The deadline triggering debate as some bankers argued that the target is infeasible.

Axis Bank chief Shikha Sharma and S S Mundra of Bank of Baroda openly expressed their doubts on banks' ability to meet the deadline.  But, Mor suggested that banks would not have to repeat verification of documents as

Aadhar would already have done that.

Speaking on the topic, he said, "We want to piggy back on Aadhaar for opening bank accounts.  The big task of opening a bank account is verifying all the documents of the customer.  This is being done by Aadhar.  Why should banks repeat it?"

The Mor-headed 13-member panel was set up by Reserve Bank of India Governor Raghuram Rajan to make recommendations on comprehensive financial services for low-income households and small businesses.