The Economic Times
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NEW DELHI: On Tuesday, an internal review meeting was conducted in the ministry where presentations on digital banking were given to union minister for electronics and IT, Ravi Shankar Prasad. According to an official in the know, in the meeting it has been decided that all banks will be given instructions that all accounts have to be net banking enabled by 31st March. Currently, there are 30-35% of accounts in which customers have opted not to enable netbanking. “Banks are being instructed to persuade people to enable netbanking,” the official told ET. The person added that a person who has downloaded BHIM app and wants to transact but doesnt have netbanking facility will be allowed to conduct the transaction by the bankers if the person’s telephone number is authenticated in the system. One of the highlights of the meeting was that success rate of Bharat Interface for Mobile (BHIM), which was launched by the prime minister Narendra Modi in December has been high.
Mashable
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After creating a cash vacuum in the country, India's prime minister wants citizens to give digital payment solutions a try. And he needs the help of the countrymen for that. On Sunday, Narendra Modi appealed to all the residents of India to promote BHIM, a mobile payments app that his government launched in December last year. Modi is urging every Indian to spread the word to their friends, and more. SEE ALSO: India wants to make credit and debit cards obsolete for payments "I appeal to the people that each of us should teach at least 125 persons about downloading BHIM App and procedure of making transactions through it, he said in his monthly radio podcast. Read more... More about Digital Payments , Paytm , Bhim App , India , and Narendra Modi
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Mashable
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Ever since India invalidated much of its cash , it has been encouraging its citizens to switch to mobile wallets and other epayment solutions . Today, it took another step in pushing its citizens to embark on the cashless payment solutions but early boomers aren't going to like it. SEE ALSO: BHIM app will replace all cash transactions in India: PM Modi The Indian government has launched BharatQR Code to enable people to pay for things they purchase without swiping their plastic cards. Instead, merchants can ask shoppers to scan a QR code and make payments directly from their bank account. One of the biggest problem merchants and citizens faced in the aftermath of demonetization last November was the absence of non-cash payment systems. Read more... More about Demonetization , Demonetisation , Paytm , Payments , and Ecommerce
The Economic Times
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Minister of State for Planning Rao Inderjit Singh also said the BHIM app has brought various banks under one umbrella, making it conventient for the users.
The Economic Times
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MUMBAI: The National Payments Corporation of India (NPCI) said that it is hoping all Public Sector Banks (PSBs) will join Bharat Interface for Money (BHIM) by the end of this month. BHIM is the common platform across the nation for making simple, easy and quick payment transactions using Unified Payments Interface (UPI). 37 banks are a part of the BHIM platform including PSBs like State Bank of India, Bank of India, Bank of Baroda and Union Bank of India. The PSBs which will go live very soon on the platform are Corporation Bank, Punjab and Sindh Bank and five associates of State Bank of India. NPCI is working with these seven banks to ensure that all of them are a part of the platform by the end of this month. "Since the customer base of PSBs is very large, their participation in BHIM is of crucial importance for the success of this app. We are confident that once all PSBs are a part of BHIM, the user base will jump multiple times," said Mr. A. P. Hota, MD & CEO, NPCI.
The Economic Times
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The Economic Times
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"Nearly 125 lakh people have adopted the BHIM app. Government will launch two new schemes -- a referral bonus and a cash back scheme for merchants -- to promote the use of BHIM," Jaitely said.
The Economic Times
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Payment companies are optimistic about the recommendation finding a place in the Budget that will be presented on Wednesday. "In our discussions with the regulators and government, they are extremely keen for payment companies to expand the reach for digital India. The government has a long-term vision and wants to ensure sufficient incentives (for payment companies) for expanding the payments acceptance network across India," said Amrish Rau, CEO of payment gateway company PayU India. The Economic Survey has also put significant emphasis on the issues of cyber-security and inter-operability in digital payments, to the extent of also warning banks to not thwart inter-operability. The survey's big push has been for the unified payment interface (UPI) which was launched by the National Payments Corporation of India last year and has been further bolstered through the BHIM app launched in December.
The Economic Times
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14 banks have come on board for Aadhaar Pay and the government is in talks with other banks too, Minister for Electronics and IT, Ravi Shankar Prasad said.
The Economic Times
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The Economic Times
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The Economic Times
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It is equally important to ensure that the money is spent. I would identify just three to five pan-national investment programmes (or revised and aggressive targets for existing programmes) that can absorb increased allocations. I would also announce a transparent and regular monitoring system for these programmes. Recapitalise banks substantially For the financial sector I would do three things. I would allocate a significant amount to expand the coverage of low end payment platforms, specifically BHIM. I would also set aside a significant amount for recapitalization of banks reeling under NPL pressures but disburse this under stringent conditions. I would also do away with the tax on interest income on bank deposits for individuals (not trusts or companies) to revitalize its role as a safe and attractive saving instrument. Cash in on govt land pool To gather resources, I would go in for aggressive monetization of the large pool of land available both with government departments as well as public sector companies.
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