Government directs banks to enable m-banking for all by March 31

In a bid to promote cashless economy, government has instructed banks to link all savings accounts with mobile and Aadhaar numbers by March 31, 2017, and enable mobile banking for such customers.

All banks have been advised to take the initiative in campaign mode, reported The Economic Times.

According to a recent Cabinet Secretariat notification, Ministry of Electronics and Information Technology (MeitY) has been given the responsibility of promotion of digital transactions, including digital payments.

Reportedly, only 65 per cent saving accounts are seeded with mobile numbers and only 50 per cent with Aadhaar.

The campaign is to be launched with immediate effect.

The progress of seeding and mobile bank enabling will be monitored by MeitY along with the Department of Financial Services.

Furthermore, the banks have been advised to utilise their extensive branch network as well as banking mitras or correspondents to carry out an effective outreach programme, especially in rural areas.

For initiation of the process, banks have been advised to be prepared with adequate infrastructure to facilitate this process effectively with no inconvenience to customers.

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