Union Finance Minister Nirmala Sitharaman on Tuesday directed all the banks to ensure that customers’ accounts are synced with Aadhaar numbers by March 31, 2021.
Furthermore, she said that the financial inclusion target for the lenders is not complete and banks still need to proceed with their inclusion vision. She said that there are many accounts that are still 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,” said the Minister while addressing the 73rd annual general meeting of the Indian Banks’ Association (IBA).
The Minister also directed the banks to discourage non-digital payments and promote the usage of digital payments techniques and adopt many of the UPI-based payments.
“UPI should be a common parlance word in all our banks,” added the finance minister hinting at the promotion RuPay cards.
“Whoever needs the card, RuPay will be the only card you will promote,” she said.
The Minister also said that the country is looking forward large banks.