Finance Minister Nirmala Sitharaman has directed banks to seed all account with Aadhaar numbers of their respective holders by March 2021.
Addressing the 73rd Annual General Meeting of the Indian Banks Association (IBA), through video conference, she said that financial inclusion story is not over and they still have inclusion to carry forward.
“You still have so many out there who still do not have a bank account. And when I say a bank account, it is an ‘Aadhaar seeded’ account,” she said.
Sitharaman further said banks should ensure they are using technology to avoid any kind of loopholes. She also said that banks must discourage any non-digital payments.
The minister also told banks that RuPay cards must be promoted across banks over any other card.