Responding to a specific query on providing copy of the file along with file notings regarding mandatory linking of Aadhaar number with bank accounts, the Reserve Bank stated it "has not issued any instruction so far regarding mandatory liking of Aadhaar number with bank accounts". "RBI has not filed any petition with the Supreme Court", the RBI said in response to the query. The failure to do so by the deadline of December 31 will result in deactivation of the bank accounts and the bank will stop availing its services. Banks have been informing customers that their accounts would become inoperative on January 1, 2018, if the linkage is not established.
RBI's clarification comes after replies to Right to Information (RTI) suggested that the apex court has not issued any necessary instructions over linkage of bank account to Aadhaar.
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According to a statement by the central bank, " The Reserve Bank states that the linkage of Aadhaar number to a bank account, in applicable cases, is mandatory.
Earlier in August, the Supreme Court had ruled that Indian citizens have a fundamental right to privacy. "It's not the government's business to prescribe what banks and their customers should do", a customer complained. In a note to the government and the RBI, IBA has said that under the Banking Regulation Act, only the RBI is empowered to issue directives to banks. However, a World Bank report says the dormancy rate in India is quite high, at 43 per cent. The Budget 2017 had made seeding of the Aadhaar number with the Permanent Account Number (PAN) mandatory.
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According to amended the Prevention of Money Laundering (Maintenance of Records) Rules, quoting Aadhaar, PAN or For 60 by individuals, companies and jointly owned first is mandatory for all transactions above Rs 50,000.
The Reserve Bank of India (RBI) has recently revised the conditions on linking up the bank account with Aadhar card.
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Click on the above link and you will be navigated to another page that would ask you for your Aadhaar number.