Current Affairs - Banking - Discussion

The Reserve Bank of India (RBI) clarifies that linking bank accounts to Aadhaar is mandatory under the Prevention of Money Laundering Act, dismissing media reports which suggested that such a linkage is not mandatory. The government had notified under PMLA that every bank account should be linked to Aadhaar by 31 December, failing which the accounts will become inoperative. The government in June had made Aadhaar mandatory for opening bank accounts as well as for any financial transaction of Rs. 50,000 and above.