RBI Says Connecting Aadhaar Number To Bank Accounts Mandatory

Express News

RBI stated that anti-money laundering guidelines revealed in June 2017 have “statutory force” and banks need to execute them without waiting for more guidelines.

Thomson Reuters|Last Updated: October 21, 2017

RBI stated in a declaration the requirement stayed in force under anti-money laundering guidelines.

HIGHLIGHTS

  1. The Aadhaar program is the world’s biggest biometric ID card program
  2. RBI stated that anti-money laundering guidelines have ‘statutory force’
  3. Banks need to execute them without waiting for additional directions

Mumbai: The Reserve Bank of India (RBI) on Saturday dismissed media reports that it was not required to connect nationwide identity card numbers, referred to as Aadhaar numbers, to checking account.

It stated in a declaration the requirement stayed in force under anti-money laundering guidelines.

” The Reserve Bank clarifies that, in appropriate cases, linkage of Aadhaar number to checking account is necessary under the Avoidance of Money-laundering (Upkeep of Records) Second Change Rules, 2017,” it stated in a declaration.

The RBI likewise stated that anti-money laundering guidelines revealed in June 2017 have “statutory force” and banks need to execute them without waiting for more directions.

The Aadhaar program, which is the world’s biggest biometric identity card program, has actually activated some claims that it is a violation of personal privacy of people.

The Supreme Court in August had actually stated that personal privacy is an essential right and the decision was anticipated to make complex efforts of Prime Minister Narendra Modi’s federal government to make connecting of the ID card numbers with savings account, phone number, and so on
© Thomson Reuters 2017