The Reserve Bank of India has clarified that linking of Aadhaar to the bank account is mandatory under the Prevention of Money-Laundering (Maintenance of Records) Second Amendment Rules, 2017 published in the Official Gazette on 01st June 2017. PMLA and the Rules notified there under came into force with effect from

BANKING GENERAL KNOWLEDGE

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

A	01st July 2007
B	01st July 2006
C	01st July 2008
D	01st July 2005

Explanation:

Detailed explanation-1: -Failure to do so will result in your bank account becoming inoperable. While the Supreme Court will begin the final hearing on the petitions challenging Aadhaar from January 18, the Government of India has expressed willingness to link Aadhaar with bank accounts to avail benefits of State-run services.

Detailed explanation-2: -The public sector lender Bank of India has been fined ₹70 lakh by the central bank for failing to follow Know Your Customer (KYC) guidelines.

Detailed explanation-3: -The correct answer is the Reserve Bank of India. Reserve Bank of India is the apex banking institution of India that regulates the financial sector.

Detailed explanation-4: -Four years ago, the apex court delivered a landmark ruling: Aadhaar proof is not mandatory for opening bank accounts or borrowing unless the customer is a beneficiary of government subsidies.

There is 1 question to complete.