Linking of Aadhaar to bank accounts mandatory: RBI

23 October, 2017, 05:53 | Author: Lora Ball
  • The RBI on Saturday said linking of Aadhaar with bank accounts is mandated under the Prevention of Money-laundering Second Amendment Rules 2017

The Reserve Bank of India (RBI) "has not issued any instruction so far regarding mandatory liking of Aadhaar number with bank accounts, even as banks continue to remind customers of the December deadline for linking Aadhaar with their bank accounts, reveals an RTI reply".

Interestingly the writ came up before the SC a day after the RBI said that linking Aadhaar with bank accounts is mandatory under the Prevention of Money Laundering Act (PMLA). And the RBI clarified that linking up of Aadhar card with bank accounts is not mandatory from now onwards. However, the RBI has issued no such regulation in this regard, as revealed by a Right To Information (RTI) application filed by Yogesh Sakale, reported Money Life.

Linking Bank account was made mandatory during 2017 June according to a notification by the Central Government. Small accounts can still be opened without the Aadhaar cards.

"That is one billion unique Aadhaar numbers linked to one billion bank accounts and one billion mobile phones".

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The All India Bank Employees Association (AIBEA) has raised their voice against instructions given by some of the banks to designate certain branches as special cells for enrolment of Aadhaar.

The RBI also said that it never issued any such directions and it was the decision of the Central Government to link them. At a time when the resources of the public sector banks are under severe strain, employing their resources on Aadhaar seeding will further constrain them in their efforts of recovery of NPAs, which eventually will further deteriorate the health, it said. The Prevention of Money Laundering (Maintenance of Records) Rules, 2005, mandated quoting of Aadhaar along with PAN or Form 60 by individuals, companies and partnership firms for all financial transactions of Rs 50,000 or above.

Click on the above link and you will be navigated to another page that would ask you for your Aadhaar number.

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