State-owned Punjab & Sind Bank on Monday signed a Memorandum of Understanding (MoU) with the Unique Identification Authority of India (UIDAI) to act as a registrar for its unique identification project, 'Aadhar'.
Under the agreement, the bank - having a customer base of about 65 lakh - would collect biometric and demographic details of its account holders, as well as future customers, according to UID norms.
This is a great opportunity for the bank to be associated with UIDAI for such a large-scale project, said the bank's Executive Director, P K Anand.
Our bank has deep penetration in rural Punjab, where our financial inclusion project is targeted for taking a lead in Unique Identification Project, he added.
"We can leverage on the fact that there is a large number of migrant labour from Bihar, Eastern UP and Jharkhand, who can be enrolled under UIDAI project, so that they can remit their funds to their native place through there Smart Card Technology," he said.
The bank will ensure speedy and smooth enrolling, which will be essential for accurate completion of the project, Anand said. Punjab & Sind Bank has 924 branches across the country, 325 of which are in rural areas.