Bombay high court has directed Yes Bank Ltd to pay Rs 50,000 in compensation to a private company for delay in opening its bank account after Supreme Court’s Sept 2018 judgment that Aadhaar is not a mandatory requirement for opening bank accounts.
“The bank account was ultimately opened in Jan 2019. Therefore, for a period of three to four months, the petitioner was unable to rent out the premises,” said a bench of Justices Mahesh Sonak and Jitendra Jain on June 26.
Microfibers Pvt Ltd could not rent out its premises in Nariman Point without a bank account. In Jan 2018, it applied to the bank to open an account. In April 2018, the bank replied that providing an Aadhaar card was mandatory for opening an account. The petitioner pointed out that Supreme Court’s interim orders suggested that insisting on an
— source timesofindia.indiatimes.com | Rosy Sequeira | Jul 02, 2025