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SBI to Fund Aadhaar Linkage Costs Using Accounts’ Penalties
September 25, 2017
India’s largest lender State Bank of India expects to collect Rs. 2,000 crore as the penalty on the non-maintenance of savings account balance which it could use to fund the cost of linking Aadhaar with bank accounts.
Rajnish Kumar, Managing Director, SBI said that the government’s decision to link all the bank accounts with appropriate Aadhaar numbers was a “costly affair” on the banks’ part as they were already bearing high costs of KYC requirements and the maintenance of such accounts. He said that now, he has to look at about 40 crore savings bank accounts for the linkage.
