THERE IS NO NEED TO LINK YOUR BANK ACCOUNT TO THE AADHAR CARD, REVEALS RBI IN THE RTI RESPONSE

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Just Imagine, getting the messages every day from your Bank asking you to link your Aadhar card with the bank account, and in event of not doing the same, your account may get suspended or closed. Banks had spent a huge amount of (our) money to advertise the same. But now the RBI is washing their hands off from this saying that they had never issued any such guidelines to the banks. Now the question is, if the RBI had not issued any such guidelines then on whose instructions does all these banks in India were issuing the order of Linking the Aadhar Card with the Bank account?

In our country, one can expect any kind of magic. There are no guidelines from India’s premier financial and central banking institution, which controls the monetary policy of the Indian rupee. All the major but, despite the same, all the banks in the country have been sending the hundreds of SMS, to their customers, to link their Aadhar Card, with their Bank Accounts. What was that? If the RBI did not issue the guidelines, then who did? This question still remains unanswered at the moment.

Normally there is one common habit in all of us, we all like to follow the crowd and that is exactly what happened in this case too. After getting the repeated messages from the banks, most of us had queued up to link our Aadhar card to our banks. Banks made the claim that their directives are based on the orders from Indian Government. But one vigilant citizen of India, Yogesh Sakale, decided to find out the reality and he filed the RTI and found out that the RBI has issued no such regulation in this regard, as revealed by a Right To Information (RTI) application filed by as reported by Money Life.

THE RTI RESPONSE

According to the response given by the RBI in their reply letter to the RTI filed by Mr. Yogesh Sakale says that “The Government has issued a Gazette Notification GSR 538(E) dated 1 June 2017 to prevent the money laundering and thus based on second Amendment Rule, 2017, inter-alia, it is important to furnish the Aadhar card and PAN Card for opening of the bank accounts but there is no mention anywhere about the linking of Aadhar card to the Bank account. It may be noted that Reserve Bank has not yet issued the instruction in this regard“.     

regarding Prevention of Money laundering (Maintenance of Records) Second Amendment Rules, 2017, inter-alia, making furnishing of Aadhaar (for those individuals who are eligible to be enrolled for Aadhaar) and permanent number (PAN) mandatory for opening a bank account. Meanwhile, the central bank added that it “has not issued any instruction so far regarding mandatory linking of Aadhaar number with bank accounts.”

Keeping the above developments in Mind, all the people, who have spent their time linking their Aadhar with the Bank account, out of the fear of otherwise losing their accounts, have apparently wasted their time? Please leave your valuable comments on this one of the most trending issue.

SOURCES: MONEYLIFE | INDIA BITCON | AADHAR 

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