Linking Aadhaar to bank account, last date December 31

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

Report: RBI Says Linking of Aadhar Card with Bank Account is Not Mandatory

The government has made Aadhar card compulsory for opening new bank accounts and making a transaction above Rs 50,000 with effect from July this year.

The latest RBI notification said the PMLA rules had statutory force and, as such, banks have to implement them without awaiting further instructions.

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. 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. "Services which are provided by public and private sector banks and operating of bank accounts do not fall under any subsidy, benefit or service", she added.

Another organisation All India Bank Employees Association (AIBEA) has also registered their protest against instructions given by some of the banks to designate certain branches as special cells for enrollment of Aadhaar.

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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Earlier on October 14, a petition was filed in the Supreme Court questioning the government's decision to link mobile numbers and bank accounts to Aadhaar, in which concerns were raised over the privacy of an individual.

Almost all of us have had our banks send us intimation emails or SMSs informing that our accounts will be closed if not linked with Aadhaar. Small accounts can also be opened without any valid KYC documents.

The Tax department has methods other than Aadhaar for identifying the bank accounts that are being used for money laundering. According to reports, the RBI said it did not.

The apex bank further clarified that in applicable cases, linkage of Aadhaar number to bank account is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017.

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