Linking bank accounts to Aadhaar mandatory, confirms RBI

A woman gets her iris scanned while registering for an Aadhaar number. The UIDAI had on July 14 asked banks to open Aadhaar enrolment and updating facilities in at least one-tenth of their branches by the end of August

"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. The deadline to do it is December 31, 2017.

The RBI, in its reply, said it has not filed any petition before the Supreme Court, which has said Aadhaar is not illegal and privacy is not absolute.

Mumbai: The Reserve Bank of India on Saturday said that biometric identity number Aadhaar linkage with bank accounts is mandatory. Banks have been informing customers that their accounts would become inoperative on January 1, 2018, if the linkage is not established.

Meanwhile, customers continue to receive reminders from banks on linking their Aadhaar number and bank accounts, as mandated by the government. The Central Government had added in its order that if the existing bank account holders do not submit their Aadhaar number to the concerned bank, the transaction through the account would be stopped or suspended.

This is unacceptable since the bank staff are overburdened due to inadequate recruitment and increased volume of work of implementing various government schemes, among other things, it said.

Back-of-the-envelope estimates suggest there are over 1,500 million deposit accounts (including term deposits) in India.

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The Reserve Bank of India (RBI) has recently revised the conditions on linking up the bank account with Aadhar card.

This linking of Aadhaar to bank accounts is a process over and above the Know Your Customer (KYC) norms already followed by the banks.

Finance Minister Arun Jaitley, in Budget 2017, had mandated seeding of Aadhaar number with Permanent Account Number (PAN) to avoid individuals using multiple PANs to evade taxes.

The Central Government had made Aadhaar mandatory for opening bank accounts and money transactions above Rs 50,000 in June 2107.

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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