undergroundnewsroom.com February 20, 2018

Linking bank accounts to Aadhaar mandatory, confirms RBI

22 October 2017, 02:27 | Gordon Grant

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

The RBI on Saturday said linking of Aadhaar with bank accounts is mandated under the Prevention of Money-laundering Second Amendment Rules 2017

"The Reserve Bank clarifies 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", it said in a statement.

Due to the statutory nature of these rules, the Banks are required to enforce them without further instructions.

The existing bank account holders have to link their Aadhaar numbers issued by UIDAI by Dec 31, 2017, failing which the account will cease to be operational.

Mr M.S. Kumar, general secretary of the Federation of Bank Employees, said the RBI had issued guidelines based on the government's order to all bankers to seeding Aadhaar details with the bank accounts.

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According to a Finance Ministry notification dated June 1, 2017, its mandatory for bank accounts that had been opened after June 1 to be linked with Aadhaar at the time of opening the account or within 6 months from the date of opening the bank account.

The new petition by Kalyani Menon Sen, who describes herself as a feminist scholar and activist working for 25 years on issues relating to women's rights, also challenged the validity of the March 23 circular issued by the department of telecommunication making it mandatory for citizens to link their mobile phones with Aadhaar. Supreme Court's decision of adding the fundamental right of Privacy has complicated the entire procedure for the government of India. "It may be noted that Reserve Bank has not yet issued instruction in this regard".

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. The Prevention of Money Laundering (Maintenance of Records) Rules, 2005, mandated quoting of Aadhaar along with PAN or Form 60 by individuals, companies and partnership firms for all financial transactions of Rs 50,000 or above.

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