Aadhar Card Linkage To Bank Accounts Is Compulsory, Clarifies RBI


The Reserve Bank of India (RBI) on Saturday came out with a clarification that the linking of Aadhaar numbers with bank accounts was mandatory in cases under the prevention of money-laundering rules.

Linking of Aadhaar with your bank account is not mandatory yet. "It may be noted that Reserve Bank has not yet issued an instruction in this regard", RBI said in its response to the RTI query.

Existing bank account holders have been asked to furnish the Aadhaar number issued by the Unique Identification Authority of India (UIDAI) by 31 December 2017, failing which the account will cease to be operational, the government notification had said. The RBI replied saying it has not filed any petition before the SC.

Meanwhile, customers continue to receive reminders from banks on linking their Aadhaar number and bank accounts, as mandated by the government.

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"The RBI, as the banking regulator, should be asking customers to link their accounts with Aadhaar".

The Reserve Bank of India made it clear that the Aadhaar linkage with bank accounts is mandatory. The petition before the court argues that the directive to link Aadhaar violates the fundamental right to privacy and equates citizens with money launderers. "It's not the government's business to prescribe what banks and their customers should do", a customer complained. The order also stated that it is compulsory to have Aadhaar and PAN in possession for attaining a bank account. The Indian Banks Association (IBA) has already taken up the issue of making banks the registrar and enrolment agency for Aadhaar. It said in a statement the requirement remained in force under anti-money laundering rules.

In an earlier statement in 2016, Venkaiah Naidu, Minister for Information and Broadcasting said, "Use of Aadhaar will eliminate corruption, ensure hassle-free and faster and direct delivery of benefits into bank account, or in kind, without any intermediaries and diversions".