No Need to Link Aadhaar with Bank Accounts, says RBI

Atal Pension Yojana - Aadhar - Finance Ministry - Taxscan

The Reserve Bank of India (RBI), last day clarified that there is no need to link Aadhaar with Bank Accounts.

Earlier, the Government has issued a Gazette Notification GSR 538(E) dated 1 June 2017 regarding Prevention of Money laundering (Maintenance of Records) Second Amendment Rules, 2017, inter-alia, making furnishing of it ‘s (for those individuals who are eligible to be enrolled for Aadhaar) and permanent number (PAN) mandatory for opening a bank account.

Following this, the banks have asked the people to link their registration number with bank accounts by December 31st 2017.

However, the Reserve Bank has not yet issued an instruction in this regard.

Recently, the Supreme Court has restricted usage of Aadhaar to six schemes where the government provides benefits or subsidy to individuals.

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