Aadhaar-bank account linking: Seed all accounts with Aadhaar by March 2021, says FM Sitharaman

In a big breaking news today, FM Nirmala Sitharaman has passed on a warning to all those people whose bank accounts are not linked to their Aadhaar cards. Speaking today, FM virtually seems to have given a deadline to banks or the bank account holders.

Sitharaman went on to say, "There are challenges to be met as Indian economy is coming out of pandemic. It is no more going to be the old normal." Source: PTI

In a big breaking news today, FM Nirmala Sitharaman has passed on a warning to all those people whose bank accounts are not linked to their Aadhaar cards. Speaking today, FM virtually seems to have given a deadline to banks or the bank account holders. She said, "I want Aadhaar card seeded accounts." To underline her statement, FM said, "I don't want to hear that the accounts are not Aadhaar seeded."

Finance Minister Nirmala Sitharaman has in fact directed banks to seed all account with Aadhaar numbers of their respective holders by March, 2021. FM was addressing the 73rd Annual General Meeting of the Indian Banks Association (IBA), through video conferencing.

FM Sitharaman also had a few words to say to the IBA officials gathered at the event. She said, "If the Indian economy is going through a churn, IBA should completely introspect what they need to change so that efficiency can be brought in."

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Sitharaman went on to say, "There are challenges to be met as Indian economy is coming out of pandemic. It is no more going to be the old normal."

Without mincing her words, she also said, "Hope the banks will adopt measures that the customers feel wanted."

FM had special words of felicitation of IBA in the service of nation and banking services too. FM had these words of praise and said, "Banks rendered outstanging services during pandemic. I want to wish each one of you for reaching out to everybody during pandemic."

She added, "India, a densely populated country, is going through revival amidst pandemic because of banks outstanding services."

She also added that more benefits may be flowing from the government to the public. She said, "Financial inclusion story is still not over."

FM averred, "We are social people but pandemic has brought distance among us."

Highlights of FM's speech:
* Technology should be used by banks for better efficiency
* Digital payments need to be pushed by banks
* Banks need to have tailor-made products for all class of customers
* Post corona, other amalgamated banks will also become like SBI
* We are thrusting towards larger banks

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* Smaller FIs, and NBFCs are also required to cater to the smaller customers.

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