Linking bank accounts with Aadhaar mandatory if the Centre gives a deadline, says RBI
In March, the Supreme Court had indefinitely extended the deadline to link Aadhaar with bank accounts.
The Reserve Bank of India has made it mandatory to link bank accounts with Aadhaar if the Centre gives a deadline to do so. The central bank made the announcement in a circular with updated Know-Your-Customer norms on Friday.
On March 13, the Supreme Court had indefinitely extended the deadline to link Aadhaar with bank accounts. The deadline was to expire on March 31. A five-judge Constitution bench extended the deadline until it pronounces its judgement on a batch of petitions challenging the constitutional validity of the biometric identification system.
In its circular, the RBI said if a customer does not submit their Aadhaar and Permanent Account Number to the bank before a deadline given by the Centre, the account will stop being operational till the account-holder does so. Banks will give customers at least two notices to comply with the deadline.
This does not apply to citizens of Jammu and Kashmir, Assam and Meghalaya and those who ineligible for Aadhaar.
Until now, banks required a proof of address, PAN card and a recent photograph for the KYC procedure.
