10 Nov, 2020 7:15p.m.

FM asks banks to link all accounts with Aadhaar by this FY

fm-asks-banks-to-link-all-accounts-with-aadhaar-by-this-fy

The Finance minister, Nirmala Sitharaman has asked banks to make sure that all accounts are linked with Aadhaar numbers of respective customers by March 31, 2021. FM was addressing the 73rd annual general meeting of the Indian Banks' Association (IBA).

She said the financial inclusion story is not over and banks still have inclusion to carry forward. There are many accounts which are not linked with Aadhaar.

"… by March 31, 2021, every account should have a PAN where needed and where applicable, and Aadhaar in every one of your accounts," Ms Sitharaman said.

She said banks should discourage non-digital payments and should bank on the promotion of digital payments techniques and also adopt many of the UPI driven payments.

"UPI should be a common parlance word in all our banks," the finance minister said, adding that banks should promote RuPay cards. She told that the National Payments Corporation of India or NPCI, which launched the Rupay Card should become becomes a brand-India product.

"Whoever needs the card, RuPay will be the only card you will promote," she said.

Sitharaman also said that the country is thirsting for large banks.

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