Linking Bank Account with Aadhaar is Mandatory: RBI

The Reserve Bank of India clarified that linking one’s bank account with the Aadhaar number is mandatory under the Prevention of Money Laundering Act, dismissing media reports suggesting that such linkage is not 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 RBI said. It added that the anti-money laundering rules, which were amended in June 2017, have statutory force and banks have to implement them without awaiting further instructions. The government had notified under the PML Act that every account should be linked to Aadhaar by December 31, failing which it’ll become inoperative.

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