Is submitting aadhar card information to banks mandatory?

Prakash R (Querist) 09 September 2017 This query is : Resolved
Hello,
All of us are aware that very recently, the honourable Supreme Court held that 'Privacy is a fundamental right'. But the banks in which I hold accounts are sending me SMSs almost everyday to furnish my Aadahar Card information to them. Should I refuse to submit submit it ? OR whether the banks have right to ask me to furnish this info? Please Advice. Thanks in advance.

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Ms.Usha Kapoor (Expert) 09 September 2017
Submitting Aadhar card information to Banks is Mandatory for transactions worth Rs.50,000/- or more with Banks,Please click the following link for more information on this issue.
http://www.ndtv.com/india-news/aadhaar-card-number-mandatory-for-bank-accounts-10-things-you-need-to-know-1713204
Regarding legality of making Aadhar card mandatory for Bank accounts is provided by referring the following link.https://thewire.in/148687/mandatory-aadhaar-bank-accounts-legality/

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Adv. Yogen Kakade (Expert) 09 September 2017
Right to privacy id fundamental right of Indian citizen as per the Constitution of India. But Linking Adhar card with your bank account does not fall within the purview of the same. As per the guideline issued by the Reserve Bank of India providing information of the Adhar card is mandatory for the account holders.

R.K Nanda (Expert) 09 September 2017
nothing more to add.

Kumar Doab (Expert) 09 September 2017
If bank is asking per regulators guidelines then until or unless the regulator calls back such guidelines, bank shall ask.

Isaac Gabriel (Expert) 09 September 2017
Time extended till 31st December

Rajendra K Goyal (Expert) 09 September 2017
The Aadhar information has to be provided to the banks till decided otherwise by competent authority / Court.