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RBI says Aadhaar-Bank Account linking mandatory after RTI reply confusion

After an RTI reply claimed that the linking of Aadhaar and bank account was not mandatory, the Reserve Bank of India (RBI) has provided a clarification saying that such linking is in fact mandatory as per the prevention of money laundering rules. Earlier, details about the RTI reply were published in some media reports and it had created confusion among people. The RBI was quick to respond to the developments and had cleared all doubts in this regard. RBI posted a tweet in response to the rising confusion. The tweet read, “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.”

The last date for linking bank accounts with Aadhaar card is December 31 and all banks have been asking their customers to do the needful at the earliest. In case anyone fails to link their Aadhaar with their bank account, their bank account could be frozen. However, it may be recalled that linking of Aadhaar is not mandatory for small bank accounts. A small account is classified as one wherein total deposits don’t exceed Rs 1 lakh per year; monthly transfers and withdrawals are not more than 10,000 and the balance does not exceed 50,000 at any given point of time in a year.

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