Aadhaar Bank Account Linking update: It is now compulsory for customers to link the national biometric ID Aadhaar to bank accounts, according to the updated ‘Know Your Customer (KYC)’ guidelines issued by the Reserve Bank of India. However, there is a condition. The RBI guidelines say linking a bank account to Aadhaar will be mandatory subject to the final decision of the Supreme Court on the Aadhaar-Bank Account linking matter.
Here are top points you should know about the latest RBI guidelines:
The KYC norms have been updated in the wake of Centre’s decision to update the ‘Prevention of Money Laundering’ (PML) rules in June 2017. In March, Modi government at the Centre had extended the date for submission of Aadhaar details for existing bank account holders indefinitely.
The Centre would issue the last date after the final judgement in the petition in the Supreme Court. A person residing in India for more than 180 days is eligible to apply for an Aadhaar number.