In an aggressive move to ensure more usage of RuPay cards, Finance Minister Nirmala Sitharaman has ordered all banks to issue only RuPay cards as the 1st option.
Besides, every bank account needs to be linked with Aadhaar, and wherever necessary, PAN card before December 31st.
More details here.
Finance Minister: Issue Only RuPay Cards
While speaking at the 73rd Annual General Meeting of the Indian Banks’ Association (IBA), Finance Minister has ordered every bank to issue only RuPay cards to the new account holders.
As per the Minister, RuPay has to be the 1st option while issuing a new debut cad to the bank customers.
The emphasis is to make brand NPCI stronger, and globally acclaimed.
She said, “Make sure the NPCI (National Payments Corporation of India) can become a ‘brand India’ product. Whenever issuing a card, you must first issue a Rupay (floated by NPCI) card,
RuPay has already beaten Visa and Master Card in terms of users, and very soon, it will beat them in terms value and volume of transactions as well.
Both Visa and MasterCard has complained to US Govt over Indian Govt’s push for RuPay, and making their market weaker in India.
But now, as the Minister has asked all banks to only issue RuPay cards, things can become complicated for MasterCard and Visa.
The question is of their survival now.
Link All Aadhaar, PAN Cards With Bank Account
Finance Minister Nirmala Sitharaman also declared that every bank account should be linked with Aadhaar and wherever necessary, with PAN Card, before December 31st.
She hinted that the deadline can be extended till March 31st, 2021, but beyond that, there won’t be any extension.
She said, “I will not be patient to hear that there still exist accounts not Aadhar seeded, and linked with Pan cards wherever needed beyond December 31st.”
She told that there should be no unverified bank account in the banking system.
We will keep you updated, as more details come in.
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