Bank RuPay Card, Boost UPI Payment App
Bank RuPay card, boost UPI payment app, reduce non-digital payments: Finance Minister Nirmala Sitharaman.
Finance Minister Nirmala Sitharaman on Tuesday asked banks to promote ‘Rupe Card only’. She also asked to ensure that the National Payments Corporation of India (NPCI) earned the reputation of a leading product brand in India.
Sitharaman asked banks to promote UPI (Unified Payment Interface) in a big way, emphasizing digital payments and discouraging non-digital payments as much as possible.
Addressing the 73rd annual general meeting of the Indian Banks’ Association (IBA), Sitharaman also asked banks to complete the linking of all accounts with the Aadhaar number of the respective customers by December.
If it is not completed by that time, then it should be completed by 31 March 2021. With the emphasis on digital and contactless payments in the country, especially among the coronavirus epidemic.
The Finance Minister spoke of promoting digital payment medium. Sitharaman said that Rupees are being used all over the world, so it does not make sense to give any other card other than this.
RuPay is a payment card issued by NPCI. An initiative of the Reserve Bank and the IBA, NPCI is the apex organization for retail payment and settlement systems in the country.
She said, “When the rupee has become global, then I do not think Indians should be given any other card besides the rupee.” Therefore, promote the Bank RuPay card. Ensure that the NPCI brand becomes an Indian product. ”
The minister said this at a time when the government is vigorously promoting the Self-Reliant India Campaign. She also said that banks should encourage digital payments and discourage payments from other forms.
She also emphasized the adoption of UPI (Unified Payments Interface) based payments. The Finance Minister said, “UPI should be the common talking word in all our banks.”
Money can be transferred instantly from one bank account to another through the mobile phone through UPI i.e. Unified Payment System developed by NPCI.
She said that the story of financial inclusion is not yet complete. It is yet to be taken forward. There are many accounts, which are not yet linked to Aadhaar.
Sitharaman said that every account should be linked to Aadhaar by March 31, 2021, and wherever necessary and applicable, it should be associated with PAN (Permanent Account Number).
She added, “Add all accounts to Aadhaar by December. If it is not completed by that time, it should be completed by 31 March 2021. Also, wherever applicable, accounts should be linked to PAN. “
