The Reserve Bank of India (RBI) has come out with a notice stating both Aadhaar and Permanent Account Number (PAN) card will be made mandatory for the opening of a bank account to be in line with the Prevention of Money Laundering Rules. Currently, an address proof and the Permanent Account Number (PAN) is considered as sufficient proof for complying with KYC rules. But now the RBI says that “The Aadhaar number, the PAN or Form No. 60″ need to be obtained from an individual who is eligible for applying for the biometric ID. Also Read - Supreme Court Asks How Bank Accounts Could be Frozen For Not Linking With Aadhaar
What leads to complexity is the fact that the directive has come out when the Supreme Court judgement is awaited on the contentious issue. The five-judge constitution bench comprising Chief Justice Dipak Misra, Justices A K Sikri, A M Khanwilkar, D Y Chandrachud and Ashok Bhushan, said in one of the hearings, “We direct that the March 31, 2018, deadline for linking of Aadhaar with various services and welfare schemes stand extended till the matter is heard and judgement is pronounced by the constitution bench,”
The question is why RBI has come out with the directive now when customers are already confused about linking of Aadhaar with various services. Having said that don’t link your bank account with Aadhaar, until the final judgment is pronounced. Till then, you can keep skipping the request if you are not comfortable sharing your Aadhaar number with financial institutions.
The RBI has also stated in the notice that customers must provide Aadhaar and PAN card whenever the central government announces the same. It also said the new norms were subjected to the final judgment of the Supreme Court on Aadhaar.
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