Finance Minister Nirmala Sitharaman told bankers on Tuesday to only issue Rupay cards as the first choice for customers, and also to deposit all bank accounts with the Aadhar number and, when necessary, with the pan card for December this year.
“Rupay should be the only card you should promote,” Sitharaman said in her keynote speech at the 73rd Annual General Meeting of the Indian Banks Association (IBA).
“Make sure NPCI (National Payments Corporation of India) can become an ‘Indian brand’ product. Whenever you issue a card, you must first issue a Rupay card (floated by NPCI) ”, said the Minister of Finance in her address.
“Indian banks have done a tremendous job, but the financial inclusion campaign is not over. I will not be patient to learn that there are still accounts that have not been seeded with Aadhar and that are linked to Pan cards where necessary after December 31st. There should be no unverified account in the system, “said the Finance Minister, while clarifying moments later that the deadline could be extended until March of next year at the latest.
The technology must be widely adopted to ensure that there is no duplication of profit booking for clients or double charging of a value. “It should be a foolproof arrangement for you to become a better managed bank,” Sitharaman said.
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At the same time, the finance minister told bankers that they should “discourage non-digital payments” and that “UPI (unified payments interface) should be a common word in banks.”
All clients, from all walks of life and economic backgrounds, should be able to access all bank services digitally, and there should be tailor-made services for clients of all backgrounds, the finance minister instructed. the main bankers.
In what may be a major development for retired bank employees, the finance minister said that Indian banks should treat their retired employees in the same way as defense ones.
“As a former defense minister, I can advise Indian banks that they should treat their employees in the same way that the defense does. Everyone is treated like family there, whether they are in the military or retirees. I want to have the same culture in the Indian banking system and I want them to take care of their retired employees in a better way, ”said the finance minister, without giving much detail about what could be in sight in the coming days.
“Each and every one of the employees, from top to bottom, must feel that they are part of their family and that after retirement they should not be forgotten,” said the Finance Minister.
The Finance Minister sincerely thanked the bank’s employees, from the top executive to the business correspondent level, for tirelessly serving the nation during the pandemic and credited the rapid recovery of the economy and the success of various welfare plans launched by the government to the hard work of the Indian bankers who steadfastly continued their service and delivery of credit where necessary.
“I want to convey the appreciation of the Government of India, registered, to each of you, from the senior executive to the branch employees and business correspondents, to all of you who risked your lives every day to serve your customers and to the nation – His contribution will be remembered for the next 100 years, ”said Sitharaman.
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However, Indian bankers must also improve their professionalism and the bank merger should be seen as an organic way to create large banks in the country to serve aspiring Indians. “I want eight State Bank of India in the country. All banks should be professional and in the post-corona world, as the world changes, they shouldn’t stay the same either, especially after mergers, ”said the finance minister.
The post-pandemic world will not remain the same and companies are experiencing a reboot, as are all banks. “It will not be the same as always. The new normal will be very dynamic in a new economy ”, he addressed the bankers in his virtual speech.
Indian banks are also receiving training under the Central Supervisory Commission (CVC) to overcome their fear of the three ‘Cs’: CVC, Central Bureau of Investigation (CBI) and Comptroller and Auditor General of India (CAG). This will allow them to take prudent risks and lend without fear rather than not making credit decisions for fear of being stopped later if business decisions go wrong.
The finance minister also emphasized addressing all customer complaints and told banks to improve their complaint resolution mechanisms.
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