Therefore, when all the bank accounts are verified with Aadhaar then it would not be possible for these unscrupulous elements to go untraced and banking as a whole would become more safe and secure as the identity of each bank account holders is established uniquely beyond doubt through eKYC. They operate bank accounts in fictitious names/companies and run shell companies’ accounts to carry out money laundering or stash black money. Often the fraudsters carry out transactions and transfer money from someone else’s account to their accounts and go untraced as they generally submit their fake identities to the bank while opening their accounts. When you link your bank account, demat account, mutual fund account, PAN, etc., with Aadhaar, you secure yourself because no one can impersonate you to avail these services.
However, for availing subsidies, benefits, services beneficiaries are required to undergo mandatory Aadhaar authentication pursuant to notification under section 7 of the Aadhaar Act, 2016 (as amended). Mandatory Aadhaar authentication can be performed if the purpose is backed by law. A resident can voluntarily use his Aadhaar number in physical or electronic form by way of authentication or offline verification, or in such other form as may be specified by UIDAI. As per the Supreme Court Judgement in the Aadhaar case (494 of 2012), residents are no longer required to mandatorily verify Bank account with Aadhaar.
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