Mumbai: The Union government has made furnishing of Aadhaar details at the time of opening bank accounts compulsory. Apart from that it has also made providing Aadhaar card compulsory for financial transactions of Rs 50,000 and above.
With this, all existing account holders in various banks across the country have been asked to submit Aadhaar to their respective bank branches by December 31, 2017. Banks have been instructed to invalidate those accounts which fail to submit Aadhaar card by the said date.
Government's latest directive comes in the backdrop of a raging debate over Aadhaar and its 'mandatory' usages. Earlier, government through another resolution had made Aadhaar compulsory for filing income tax returns.
Besides, linking of Aadhaar with Permanent Account Number or PAN cards was also made a must exercise. However, India's apex court Supreme Court in a recent ruling has given some relief to those who don't have Aadhaar in their name.
