RBI: Last date for linking Aadhar to bank is Dec 1st

The Reserve Bank of India (RBI) on Saturday said biometric identity number Aadhaar linkage with bank accounts is 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,” the central bank said in a statement.

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

Existing bank account holders have been asked to furnish the Aadhaar number issued by the Unique Identification Authority of India (UIDAI) by December 31, failing which the account will cease to be operational, the government notification had said.