Linking bank accounts to Aadhaar mandatory, confirms RBI

22 October, 2017, 02:28 | Author: Gladys Mathis
  • The RBI on Saturday said linking of Aadhaar with bank accounts is mandated under the Prevention of Money-laundering Second Amendment Rules 2017

Amidst all the rumours of linking Aadhar to Bank accounts being an added requirement, the Reserve Bank of India has clarified that Aadhar card linkage to each applicator's respective bank account is mandatory.

In June, the Centre had issued a notification that said if a bank account holder failed to link the Aadhaar number by December 31, the account would be frozen until the information was provided to the bank.

Meanwhile, the RBI said that the anti-money laundering rules have to be implemented by the banks without any further delay.

The Reserve Bank of India made it clear that the Aadhaar linkage with bank accounts is mandatory.

"Dear preferred customer, Govt of India has mandated linking of Aadhaar with your bank A/C".

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"The government has issued a Gazette Notification GSR 538 (E) dated 1 June 2017 regarding Prevention of Money laundering (Maintenance of Records) Second Amendment Rules, 2017, inter-alia, making furnishing of Aadhaar (for those individuals who are eligible to be enrolled for Aadhaar) and permanent number (PAN) mandatory for opening a bank account". The Aadhaar number can be linked to the account number online, too.

The response indicates that the choice on obligatory connecting of bank accounts with Aadhaar originates from the central government alone and not the RBI.

The RTI query had asked the RBI to provide a copy issued by it for mandatory linking of Aadhaar number of their customers with their bank account.

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". Telecom service providers too have been alerting their customers to link their mobile numbers with their Aadhaar numbers by February 6, 2018, citing a circular issued by the Department of Telecom (DoT).

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