On Tuesday finance minister Nirmala Sitharaman asked bank to only promote RuPay card and make sure that there is only India based payment options to regulate economy and it ensures that National Payments Corporation of India becomes a brand Indian products. Indian product brings a rapid rise in the economy through which we can produce more Indian goods and since the employment can be improved. Our country has a lot of population and every house needs some basic things from shops which are used on the daily basis and it needs to be bought from time to time and with trending practices many citizens believe that Indian payment modes are very much in use because the process must be very simple and user friendly. Pitching for increased digital payment modes, including adopting unified payment interface, Sitharamanurges bank to discourage non digital payment as much as possible.
There are many possible reasons why digital transaction is not used by banks because for doing a very confidential thing bank should use a very trustable and end to end encryption security measures that no one can breach it. Nowadays, digital payments are very common and used by almost everyone keeping in mind the age group, Addressing the 73rd annual general meeting of the Indian Bank’s Association (IBA), she also said that bank should ideally make sure that all accounts are linked with Aadhaar number of respective customers by December. If it is not possible then the linking should be done by March 31, 2021.Against the backdrop of entities pushing for digital and contactless payment options, especially amid the coronavirus pandemic, Sitharamansaid that when RuPay is becoming global and you can access it any point of time from anywhere in the world you cannot think of giving any card other than RuPayto Indians. AN umbrella organization NPCI launched its RuPaycard and said that payment can only be done for the organization for opening retail payment and settlement system in the country. If you see other countries they are having their own payment mode transactions and they are not dependent on any of the third party payment gateway so that the privacy of a user and transaction security is maintained so well that users can access it anytime the way they want and so it would become a global dominating economy and can be used from anywhere in the world you are suiting. Digital payment is not very much necessary in these days when RuPay card is covering the whole market of banks. Promoting Indian cards like RuPaywill automatically promote the NPCI and it becomes the Indian product and can dominate the world market someday if it goes with proper functioning.
The minister remark also come at a time when the government is encouraging activities revolving aroundAatmanirbhar Bharat. This thing should be on top of the priority list of bank because bank should discourage non digital payments technique as well as adopt many of the UPI. Financial inclusion story is not over and there are many bank accounts that are still not linked with Aadhaar number and so the database is not appropriate and hence the government should not get a figure of how many users are not having RuPay card and are still based and rely on passbook systems. Bank should understand the pulse of the ground, the needs of the customer and be sensitive to their requirements. Banks should attend the legitimate concern of the customers.