RBI Clarifies Linking Aadhar Number with Bank Account is Mandatory & Here’s What You Should Know

The Reserve Bank of Indian (RBI) clarifies linking Aadhaar card with the bank account as mandatory and it will be applicable all across India. A few days back, there was news that it is not at all mandatory for the Aadhar numbers to get linked with the bank account of an individual but RBI has rubbished all such speculated versions.

RBI clarified linking Aadhaar with bank account

In a clarification, issued by the RBI, it is mentioned that media had spread wrong information of not making linking of Aadhaar number of the people with their bank account as a compulsory step. But to keep a tab on the incessant cases of money laundering in India, the RBI has clarified that linking of Aadhar number with a bank account is a rule of statutory force and all the banks across India will have to enforce it without any further delay.

More implementations by RBI

Not only this, RBI has set a deadline for all its existing customers until December 31, 2017, to get their Aadhar card number linked to their bank account. Also, it will be mandatory for the account holders of any national or private banks across India to show a valid photo ID as the proof of doing the transaction of Rs 50,000 and above. Apart from this, anyone opening a new account in the bank will have to produce its Permanent Account Number (PAN) card.

Bank employees staged protest

In contrary to the clarification made by the RBI of linking Aadhaar number with the bank account, the bank employees and the members of the All India Bank Officers Confederation (AIBOC) staged a protest in this regard. They are of the opinion that the implementation of linking Aaadhar card number with the bank account of the holder should not be brought into force until the Supreme Court gives its final verdict on the same. They even demanded the government to make it clear whether linking of aadhaar number with the bank account is either mandatory or optional.

The implementation of linking aadhaar number with the bank account will make all the transactions of any individual transparent and the producing of PAN card as ID proof will also help in checking the multiple usages of PAN to save from taxes.

Source: indiatoday.intoday.in


Yamini S. Verma

A dreamer and a go-getter, this is how she defines herself. With seven- plus years of experience in Journalism, Yamini has worked with various publications in print and online. With an inclination towards photography, she dreams to go on around the world tour someday and capture the beauty of nature through her lens. You can write to her at hello@chandigarhmetro.com
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