Business EconomyPosted at: Oct 21 2017 6:57PM

Linking Aadhaar to bank accounts is mandatory: RBI

New Delhi, Oct 21 (UNI) Reserve Bank of India (RBI) on Saturday said that linkage of biometric identity number Aadhaar with bank accounts is mandatory.
In a statement issued by the Central bank, it 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 published in the Official Gazette on June 1, 2017.
These Rules have statutory force and, as such, banks have to implement them without awaiting further instructions.
The clarification came after media reports quoting a reply to a Right to Information (RTI) application that suggested the apex bank has not issued any order for mandatory Aadhaar linkage with bank accounts.
The government in June had made Aadhaar mandatory for opening bank accounts as well as for any financial transaction of Rs 50,000 and above.
Existing bank account holders have been asked to furnish the Aadhaar number issued by the Unique Identification Authority of India (UIDAI) by December 31, 2017, failing which the account will cease to be operational, the government notification had said.
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Linking Aadhaar to bank accounts is mandatory: RBI

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