Banga Wants Fair Play in Card Games

MasterCard CEO seeks equal treat­ment with Ru­Pay

The Economic Times - - Front Page - Romit.Guha@ times­group.com

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 sen­ti­men­tSince theon In­dia agree­ment,had turnedthe US-In­dia pos­i­tive af­ter part­ner­shipthe Naren­dra­has only grownModi gov­ern­stronger. ment The took depth overof today’sin 2014. partnership

“Peo­ple today are talk­ing In­dia would have been un­think­able two be­ing a real op­por­tu­nity,” he said. decadesMuch of ago. this is be­cause the gov­ern­men­tBoth sides have has made sought an as­tuteto ac­tive­ly­longterm cre­ate bet an on each in­vestor-friend­lyother’s suc­cess. enviI be­lieve ron­ment both that recog­nise es­chews that an ag­gres­simuch workve tax re­mains pol­icy, and but that the as speedthe partof re­form needs to in­crease. ner­ship ma­tures, it will be dif­fi­cult

“Retroac­tive tax­a­tion has sin­gle­hand­ed­lyto repli­cate cre­ated dra­matic the ini­tia­tives­most angst like in the peo­ple’scivil nu­clear minds. deal.So theA real big­gest strate­gic chal­lenge part­ner­shipis pre­dictabil­i­ty­be­tween ma­jor and pow­ers con­sis- tency 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 What over­are the four-five­new ar­eas years.” that the two coun­triesWhat’s need­ed­can fur­theris fur­ther co­op­er­ate? clar­ity on taxes and in­tel­lec­tual prop­erty, There’s much that can be done to be­sides mar­ket ac­cess. deepen “In­dia ar­eas doesn’tof co­op­er­a­tion,al­low overseas in­clud­law firms.ing on de­fenseIt’s all the­se­and cli­mate. an­cil­lary The servione ces area that de­servesen­able an more en­vi­ron­men­tat­ten­tion whereis the way in­vestorsin which feel In­dia com­fort­able­and the US canto come work in,” to­geth­erhe said.to help re­solve MasterCard has in­vested Rs crit­i­cal global prob­lems. We are still 1,600 crore in In­dia since Modi took fo­cused over, on he the said. bi­lat­eral“I now agenda, have and 12% of that my will 12,000-plus­likely re­main glob­althe case work­forin the ce near in fu­ture. In­dia.”

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