MasterCard CEO Ajay Banga calls for equal treatment with RuPay domestic card

NEW DELHI: MasterCard CEO Ajay Banga has called for equal treatment with the RuPay domestic card, particularly with regard to the government’s flagship financial inclusion scheme on criteria such as security and cost advantages. “All I want is a level playing field,” he said in an interview when asked about RuPay being used for the Pradhan Mantri Jan Dhan Yojana. “What I (MasterCard) can do is offer you global standards of safety and security. I don’t believe any local instrument or scheme can...”

“I can bring all the expertise, manpower. You happen to have a CEO, an Indian by birth,” Banga said. He said global investment sentiment on India had turned positive after the Narendra Modi government took over in 2014. “People today are talking India being a real opportunity,” he said.

Much of this is because the government has sought to actively create an investor-friendly environment that eschews an aggressive tax policy, but the speed of reform needs to increase. “Retroactive taxation has single-handedly created the most angst in people’s minds. So the biggest challenge is predictability and consistency of public policy,” he said. “But now, while policy is clearer and more predictable, and frankly more transparent, the actual pace of implementation is choppy. The one thing we are keen on is increasing the pace of this implementation over four-five years.”

What’s needed is further clarity on taxes and intellectual property, besides market access. “India doesn’t allow overseas law firms. It’s all these ancillary services that enable an environment where investors feel comfortable to come in,” he said. MasterCard has invested.`1,600 crore in India since Modi took over, he said.