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All accounts on net banking by Mar 31

banking

New Delhi: The government has instructed banks to enable internet banking across all accounts by March 31 and mandatorily link them to the Aadhaar number to facilitate digital payments and online transactions.

“This measure will further enable the rapidly evolving digital payments setup in the country and will help add in a new set of consumers to the world of online transactions,” IT minister Ravi Shankar Prasad said.

IT ministry said that around 35% of existing bank accounts do not have linkages to Aadhaar, which could be an obstacle in aligning them to online transactions and digital payments applications.

“If net banking is not allowed, some of the applications may not be able to make digital transactions,” an official said.

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