The Finance Minister of India Nirmala Sitharaman has directed all the banks to ensure that the bank accounts are linked with Aadhaar Card ideally by December 2020, if not, at least by 31st March 2021 at the virtual 73rd Annual General Meeting of the Indian Banks Association (IBA) held on 10th November 2020.
The objective of linking Aadhaar with Bank accounts is to make sure that any sort of duplication or fake beneficiary of government schemes and subsidies can be fully avoided through direct benefit transfer.
Sitharaman also talked about the use of technology to promote Unified Payments Interface (UPI) driven payments, tailor-made products for the customers must be adopted by banks for better efficiency. She further added that RuPay cards must be promoted across banks over any other card.
To know how to link Aadhaar with a Bank Account, click here.
