The apex bank has once again amended its KYC norms and made the linking of Aadhaar and bank account mandatory on Friday. The mandate has been issued for CDD or customer due diligence done by finance companies and banks. CDD is the process which involves identification and verification of customer as well as beneficial owner.
The decision has come in at a time when Supreme Court is most likely to hear the final petitions that challenge the validity of Aadhaar.
In a statement RBI said, "The revised Master Direction is in accordance with the changes carried out in the PML Rules vide Gazette Notification GSR 538 (E) dated June 1, 2017, and thereafter and is subject to the final judgment of the Hon'ble Supreme Court in the case of Justice K.S. Puttaswamy (Retd.) & Anr. V. Union of India, W.P. (Civil) 494/2012 etc. (Aadhaar cases)". And the central bank clarifies that the guidelines were dependent on the final verdict.
On March 13, the prior deadline of March 31, 2018 for linking aadhaar with various financial accounts and welfare schemes was extended indefinitely.
It is to be noted that the extension did not remained valid for obtaining tatkal passport, bank accounts etc.