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.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the July 2022 edition of BANKING FINANCE.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
'Deep Fake' - an emerging risk for Banking & Financial Sector
Deepfake KYC fraud is a growing concern in India, where fraudsters leverage AI-generated deepfake videos and images to bypass Know-Your-Customer (KYC) verification processes. This has significant implications for financial institutions, fintech companies, and other organizations that rely on KYC to verify the identity of their customers.
RBI CIRCULAR
Operational framework for reclassification of Foreign Portfolio Investment to Foreign Direct Investment (FDI) - November 11, 2024
India's Fiscal Discipline: A Path to Economic Stability and Growth
In a significant economic development, the fiscal deficit for the financial year 2023-2024 (FY24) has been recorded at 5.6% of GDP, falling below the government's revised estimate. This unexpected positive outcome highlights effective fiscal management and a recovering economy, offering a ray of optimism amidst global economic uncertainties.
Augmenting Productivity by Embracing Employee Engagement
As the world's largest coffeehouse chain, Starbucks is a brand that understands the value its employees add to the business. At Starbucks, every employee knows they are valued members of the team. It took Starbucks some time to do this. They have prioritized implementing employee-friendly rules from the beginning.
Ethics in Artificial Intelligence: Navigating the Future Responsibly
Ethics in AI encompasses a wide range of issues, including fairness, accountability, transparency, and the potential for bias. At the core of these discussions lies the question: How do we ensure that AI serves humanity rather than undermines it? As AI systems increasingly influence critical areas such as healthcare, finance, and law enforcement, the stakes are high.
Digital Banking: The Need of the Hour
Development of an economy, especially economic growth primarily depends on industrial development. The industries depend on financial institutions support for funds especially from banks. Banks encourage individuals save and mobilise funds from bank deposits.
Cyber Crimes in Banking: India's Battle Against the Digital Menace
The increasing adoption of digital banking services has transformed the way Indian consumers engage with banks. According to research from the Reserve Bank of India (RBI), the country's digital payment ecosystem expanded by approximately 55% between 2021 and 2023.
Legal News
The Supreme Court (SC) ruled that clauses allowing public sector undertakings (PSUs) to unilaterally appoint arbitrators to resolve disputes with private contractors are invalid.
The Rise Of Green Marketing: Driving Sustainable Change
Green marketing refers to the practice of promoting products or services that are environmentally friendly or sustainable. It involves incorporating eco-friendly elements into various aspects of marketing strategies, including product development, packaging, advertising, and distribution.
ICICI Bank partners with PhonePe to offer instant credit on UPI
ICICI Bank announced that it has partnered with PhonePe to offer instant credit on UPI to its pre-approved customers on the app of the digital payments company.
