Economy

Banks Rush To Install Bank Aadhaar Kendras As The Deadline Approaches

Banks Rush To Install Bank Aadhaar Kendras As The Deadline Approaches

The BJP led central government had announced in June this year that Aadhaar is mandatory for opening new bank accounts and instructed banks to get all the existing bank accounts linked to Aadhaar by December 31, 2017 failing which such accounts would be termed as inoperative. To facilitate people and achieve the target, government has directed banks to open 1 Bank Aadhaar Kendras or Aadhaar Updation Centre per 10 bank branches they have. The centres will work inside the branch only providing Aadhaar enrolment and updation facility.

Central government brought this law in effect through Second Amendment, 2017, in Prevention of Money-laundering Act which has been notified as well.

High Value transaction of Rs. 50,000 or more also require Aadhaar

The government also notified that any transaction of value Rs. 50,000 or more now requires Aadhaar number. Earlier, copy of PAN card had to be submitted but now only Aadhaar number however it is not clear when this will become mandatory.

Banks rush to open Bank Aadhaar Kendras to avoid Penalty

As the deadline of 30th September 2017 comes close, banks rush to make their branches act as Bank Aadhaar Kendras to avoid a penalty of Rs. 20,000 per month for every single centre that banks failed to open.

Earlier the deadline set by Unique Identity Authority of India (UIDAI) was 31st August to which banks had raised concerns and asked to extend it due to more time required for procuring bio-metric devices and identifying right centres and agencies.

More than 1000 bank branches have opened Bank Aadhaar Kendras

The UIDAI said, “over 1,000 bank branches of 42 private and public sector banks have opened Bank Aadhaar Kendras within their premises and has further received a commitment of 15,000 more bank branches getting Aadhaar enrolment and updation centre.”

Aadhaar getting a major push from Indian Government

In an effort to push Aadhaar into the main stream as the single document that would facilitate people to take all kinds of benefits and services, government had earlier also asked telecom companies to get all the subscribers updated with their Aadhaar number latest by February 2018 failing which numbers would be deactivated.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Most Popular

To Top