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Wednesday, November 25, 2020

FM Sitharaman sets out bank account-Aadhaar linking deadline

Finance Minister said, “Ideally by December, if not by March 31, 2021, every account should have a PAN where needed and applicable and Aadhaar in every case.”

By: ENS Economic Bureau | New Delhi | November 11, 2020 3:09:49 am
Finance Minister Nirmala Sitharaman attends 73rd Indian Banks Association meeting via video conferencing. (PTI)

Union Finance Minister Nirmala Sitharaman on Tuesday asked all banks to ensure all bank accounts are Aadhaar-seeded by March 31, 2021 and linked with PAN cards wherever necessary.

Addressing the annual general meeting of the Indian Banks’ Association Tuesday, the Finance Minister said, “Ideally by December, if not by March 31, 2021, every account should have a PAN where needed and applicable and Aadhaar in every case.”

Sitharaman also advised banks to issue RuPay cards as the first option to customers. Urging bankers to promote RuPay cards, she said National Payments Corporation of India can become a brand India product. Whenever issuing a card, you must first issue a Rupay card, the Finance Minister said in her virtual address.

“Whoever needs the card, RuPay will be the only card you will promote,” she said.

She said there should not be any unverified account in the system. “I will not be patient to hear that there still exist accounts which are not Aadhar seeded, and linked with PAN cards wherever needed beyond December 31. The deadline could be extended till March next year at the maximum, she clarified later. Sitharaman said the financial inclusion story is not over and banks still have inclusion to carry forward.

Centre releases Rs 6,195 crore to 14 states

New Delhi: The Centre has released Rs 6,195 crore to 14 states as monthly instalment of post devolution revenue deficit grant.

“Based on the 15th Finance Commission interim recommendations, the Govt has released Rs 6,195.08 crore to 14 states on account of the eighth equated monthly installment of Post Devolution Revenue Deficit Grant,” Office of Finance Minister Nirmala Sitharaman tweeted.

The 14 states are Andhra Pradesh, Assam, Himachal Pradesh, Kerala, Manipur, Meghalaya, Mizoram, Nagaland, Punjab, Sikkim, Tamil Nadu, Tripura, Uttarakhand and West Bengal. —With PTI

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