The suggestion appeared in a report by the Committee on Comprehensive Financial Services for Small Business and Low-Income Households -- headed by RBI board member Nachiket Mor, a former ICICI Bank executive -- that was put up by the central bank on its website Tuesday.
A key recommendation in the report said every resident over 18 years of age should be issued a "universal electronic bank account" automatically at the time of receiving their Aadhar number.
Also read: RBI suggests revamping banking system for micro-financing
The individual will have a choice of indicating which bank they prefer from among the list of banks that will have empanelled. Banks would not be able to charge an account opening fee but, as compensation, will be free to charge transaction charges, the committee said.
The panel, which includes illustrious names such as former Citigroup CEO Vikram Pandit and Axis Bank CMD Shikha Sharma, was appointed by Raghuram Rajan after he took over as governor of the Indian central bank last year.
About 90 percent of small businesses have no links to a financial institution and 60 percent of Indians do not have a bank account, the report said. "Aadhaar is the key piece of infrastructure to enable a customer to be identified and authenticated so that repudiation and fraud risks are minimised and therefore should become the universal basis for authentication," it added.
The panel also laid out a suggestion that the central bank should target a deposit/withdrawal facility within 15 minutes walking distance at any point in the country by January 2016.
The committee recommended several other measures to the RBI to help in its financial inclusion mission, including setting up special "payments banks" for small businesses and low-income households and partially converging operating regulations for banks and non-banking financial companies.
The Nandan Nilekani-led Unique Identification Authority of India has issued biometric Aadhar identification to about 50 crore Indians and is targeting to cover about the entire population by December 2015.
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