PSU banks need to promote RuPay cards, says Sitharaman

November 10, 2020

New Delhi: Finance Minister Nirmala Sitharaman on Tuesday said at an event that banks should discourage non-digital payments and that state-run banks need to promote RuPay cards over any other cards.
While addressing the 73rd annual general meeting of the Indian Banks’ Association (IBA) via video-conferencing, she asked banks to ensure that all accounts are linked with Aadhaar numbers of respective customers by 31 March, 2021.
She said the country’s 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,” Sitharaman said.

She said banks should discourage non-digital payments and should bank on 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.

“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 and that all amalgamated banks should work towards growth.