RBI underlines: must link all bank accounts with Aadhaar

RBI underlines: must link all bank accounts with Aadhaar

RBI underlines: must link all bank accounts with Aadhaar

The Reserve Bank of India (RBI) on Saturday came out with a clarification that the linking of Aadhaar numbers with bank accounts was mandatory in cases under the prevention of money-laundering rules.

The government had also made Aadhaar mandatory for opening bank accounts as well as for any financial transaction of Rs 50,000 and above.

It added that these rules have "statutory force" and banks have to implement them without awaiting further instructions. Terming the mandatory linkage of bank accounts with Aadhaar as an arbitrary amendment to the KYC requirement, the petitioner said, "Building a database dependent on Aadhaar and information linked there constitutes an unreasonable risk for financial autonomy and privacy of account holders, banks and financial sovereignty of the nation". The union government has said it would extend until December 31 the deadline to furnish Aadhaar to avail benefits of social welfare schemes.

While presenting the Budget of 2017, the central government has already mandated the seeding of Aadhaar number with Permanent Account Number in order to avoid tax evasion.

"The RBI, as the banking regulator, should be asking customers to link their accounts with Aadhaar".

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According to a report in Business Today, the bank also revealed that it has not even filed any any petition with the Supreme Court on seeking explicit permission of linking the two.

Earlier in August, the Supreme Court had ruled that Indian citizens have a fundamental right to privacy.

The press release by the Reserve Bank of India makes it clear that it is compulsory to link Aadhaar and the Bank Account. "Though the RTI reply says the RBI did not issue any such circular or notification, it issued has guidelines", he said.

The response indicates that the choice on obligatory connecting of bank accounts with Aadhaar originates from the central government alone and not the RBI.

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