Banga Wants Fair Play in Card Games
MasterCard CEO seeks equal treatment with RuPay
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.”