India's most pride digital initiative e-RUPI, a cashless and contactless instrument for digital payment solution developed by the National Payment Corporation of India (NPCI), Health Ministry, National Health Authority and Department of Financial Services and it was launched by Prime Minister Shri Narendra Modi in August, 2021.
BackGround:
Government of India has taken many initiatives to eradicate corruption and improve the transparency in the Governance. In line with this aim, Government has chosen the way of Digitisation to achieve this without much pain and struggle to anybody. Using financial technologies with less time to revolutionise the life of the every citizen of India.
Government Digitisation Initiatives :
In this digitisation Journey, Government has launched many products/schemes in recent years like Direct Benefit Transfer using the JAM trid of Jandhan Accounts and linking with Aadahar and mobile numbers, Rupay card (Indigenous Card of India), BHIM, AEPS, ABPS, Fast Tag, GeM, India Stack, emandis, PSB loans in 59 minuters, Digital Locker, Digital Document Execution etc., and recently e-RUPI.
Platform Used:
It uses a digital direct benefit transfer (DBT) platform, which aims at making sure that the money transferred by the user, in this case, the government, is used exactly for the same purpose as it is intended to be.
e-RUPI
The Prime Minister termed the e-RUPI as a big reform, in line with the launch of BHIM-UPI payment system in December 2016. The UPI system has indeed changed the payment landscape in India and has become the preferred mode of payment in many cases.
This story is from the July 2022 edition of BANKING FINANCE.
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This story is from the July 2022 edition of BANKING FINANCE.
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