On November 9, 2012, the government announced that from January 2013, 51 districts of the country would be subjected to Aadhaar- based direct cash transfers (DCT). We need some basic answers before we get to term the initiative as a game-changer. Aadhaar and the link with bank accounts: The Reserve Bank of India, initially having notified that Aadhaar number as valid for opening a bank account for know-your-customer norms, withdrew the notification and set up a group to examine the effectiveness of Aadhaar for banking. Presently, Aadhaar is a proof of identity; not an evidence of address yet.

Source - http://economictimes.indiatimes.com