RBI clarifies once again Aadhaar linkage to bank account must

Dispelling all media speculations, the Reserve Bank of India (RBI) on Saturday once again clarified that linking bank accounts to Aadhaar is mandatory.

The clarification further states that this is crucial under the Prevention of Money Laundering Act. The clarification had to be given amidst very many media reports that suggested such linkage to be non-mandatory.

“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 published in the Official Gazette on June 1, 2017,” it said in a statement.

RBI also said that the anti-money laundering rules which were amended in June 2017 have statutory force and banks have to implement them without awaiting further instructions.

The government had notified under PMLA that every bank account should be linked to Aadhaar by 31 December, failing which the accounts will become inoperative.

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