Link Aadhaar with accounts for cashless economy: FinMin Drabu

KL News Network

Srinagar

Dr Haseeb A Drabu

Finance Minister Haseeb Drabu Friday said the banks should highlight the role of Aadhaar-Enabled Payment System (AEPS) to achieve the objective of cashless economy in the state, tribuneindia reported.

Speaking during a meeting of J&K State-Level Bankers’ Committee (SLBC) to discuss implementation of the Digital Banking Programme in the state, Drabu said the banks should focus on motivating people to seed their Aadhaar numbers with their accounts.

“Besides deploying more Point of Sale (PoS) machines, the banks should assign importance to devising strategies for identifying the pockets and touch points, which have huge cash inflows, so as to optimise the use of PoS machines in the system to reap the benefits,” said Drabu.

He said the cash to GDP ratio of the country hovers around 13 per cent which is almost double the globally accepted standards of 6-7 per cent. “In J&K, this ratio is still higher at 20-22 per cent of the GDP even when compared to similar state economies,” Drabu added.

J&K Bank Chairman, Parvez Ahmed also attended the SLBC meeting that was presided over by the Finance Minister.

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