Banks appear to be unfazed by the Supreme Court verdict that bars them from insisting on the submission of the Aadhaar number while opening new accounts. The Supreme Court ruled that “there cannot be a mandatory provision of linking of every bank account (with the Aadhaar number)”. “Nobody would keep black money in the bank account. The verdict did not say anything about the voluntary submission of the Aadhaar document — and that has given banks the hope that they will be able to exploit this lacuna to cull Aadhaar data. According to Shetty, clarification is now needed to figure out the impact of the order on the existing e-KYC processes for opening a bank account.

Source: The Telegraph September 26, 2018 22:07 UTC