Looking to put a conclusion to the confusion, the Reserve Bank of India (RBI) on Saturday issued an illumination on the connecting of Aadhaar to the banks acounts, saying that it is an obligatory necessity.

In the notice, the RBI stated, “Some news things have showed up in a segment of the media citing an answer to a Right to Information Act application that Aadhaar number linkage with bank accounts isn’t required.

Different media reports had recommended that the RBI had answered to a RTI question saying that the connecting of the 12-digit biometric number with respected bank accounts isn’t required yet.

The Reserve Bank cleared up: “Linkage of Aadhaar number to bank accounts is obligatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017 distributed in the Official Gazette on 1 June, 2017.

The RBI additionally said that the principles issued by them have statutory power and “banks need to actualize them without anticipating further guidelines. As per reports, in the RTI application documented by Moneylife India .

The RBI had answered: The Government has issued a Gazette Notification GSR 538(E) dated 1 June 2017 with respect to Prevention of Money laundering (Maintenance of Records) Second Amendment Rules, 2017, between alia, making outfitting of Aadhaar (for those people who are qualified to be enlisted for Aadhaar) and permanent number (PAN) compulsory for opening a bank account.

It might be noticed that Reserve Bank has not yet issued guideline in such manner. The last date to connect Aadhaar and bank accounts is 31 December, 2017.The connecting is a procedure far beyond the Know Your Customer (KYC) standards as of now took after by the banks.

Finance Minister Arun Jaitley in August had said that 524 million Aadhaar numbers had been connected to 736.2 million bank accounts in India.Banks accounts in India are now connected to the assessment related Permanent Account Number (PAN), which is mandatory.

The finance minister had plot a “one billion-one billion-one billion vision” for the nation. That is one billion unique Aadhaar numbers connected to one billion bank accounts and one billion cell phones.

Once that is done, all of India can turn out to be a piece of the financial and digital mainstream ,” Jaitley had said. The RTI question additionally asked whether RBI had Supreme Court’s authorization to interface Aadhaar with bank accounts.

In its answer, RBI said it had not documented any such appeal to under the steady gaze of the Supreme Court.