Linking bank accounts to Aadhaar mandatory, confirms RBI

Linking bank accounts to Aadhaar mandatory, confirms RBI

The Reserve Bank of India (RBI) on Saturday clarified that linking of Aadhaar card with bank accounts is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017. "We also demand that the government should look for alternatives or add more workforce into banks to implement Aadhaar related works in the public sector banks", AIBOC General Secretary D T Franco said.

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.

RBI says it is mandatory for banks to link Aadhaar with accounts. The deadline to do it is December 31, 2017.

This is made under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017.

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 enrolment of Aadhaar. Sources in banks said some customers have been holding out on linking their accounts with Aadhaar, waiting for the Supreme Court verdict on the legality of the government order.




The RTI query was filed by a website seeking copies of either the circular or notification issued by the RBI on seeding of Aadhaar and bank accounts. The Aadhaar number can be linked to the account number online, too.

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

A nine-judge Constitution bench of the SC had in August ruled unanimously that the "right to privacy is an integral part of right to life and personal liberty guaranteed in Article 21 of the Constitution".

That the government is serious about ensuring the linking of Aadhaar with bank accounts is reflected in the fact that every week, the progress on this front is reviewed with all banks by the Finance Ministry and with top bank officials periodically, a banker said.

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