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Linking Your Bank Account With Aadhar Is Mandatory, Says RBI

New Delhi : Reserve Bank of India today said biometric identity number Aadhaar linkage with bank accounts is mandatory. RBI said that anti-money laundering rules announced in June 2017 have “statutory force” and banks have to implement them without awaiting further instructions.

The RBI clarification followed media reports quoting a reply to a Right to Information (RTI) application which suggested the apex bank has not issued any order for mandatory Aadhaar linkage with bank accounts. 

But the Reserve Bank, in a statement, clarified that linkage of Aadhaar number to bank account is mandatory under the Prevention of Money-laundering (Maintenance of Records) Rules. 

It said, these rules have been published in the Official Gazette on 1st of June this year. 

It also said, these rules have statutory force and, as such, banks have to implement them without awaiting further instructions.

The Supreme Court in August had said that privacy is a fundamental right and the verdict was expected to complicate efforts of Prime Minister Narendra Modi’s government to make linking of the ID card numbers with bank accounts, telephone numbers, etc.

By TIS Staffer
the authorBy TIS Staffer

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