PM Modi on e-RUPI

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PM Modi Launches e-RUPI, a Digital Payment Solution

PM Modi starts a cutting-edge Digi-Payment Solution; e-RUPI

Tuesday, 3rd August 2021


Prime Minister Narendra Modi launched e-RUPI on Monday. This is an electronic voucher based digital payment solution through video conferencing.

During the launch of the digital payment solution, the Prime Minister said, “Today, the country is giving a new dimension to digital governance. e-RUPI will play a great role in strengthening DBT.”

He also added, “e-RUPI vouchers are purpose-specific. It will ensure that the benefits of the voucher are availed for the service it is meant for. e-RUPI voucher is going to play a huge role in making DBT more effective in digital transactions in the country. This will help everyone in Targeted, Transparent and Leakage Free Delivery.”

e-RUPI is a person specific as well as a purpose specific system of payment and will ensure that all its benefits reach the actual beneficiaries without any leaks and in a systematic targeted manner.

This platform has been developed by the National Payment Corporation of India (NPCI), Department of Financial Services, Ministry of Health and Welfare and the National Health Authority.

According to a statement released by the PMO, this is an instrument for digital payments in a cashless and contactless mode. The statement also clarified that this e-voucher is SMS or QR Code based and beneficiaries will directly receive it on their mobile phones.

e-RUPI will essentially link the sponsors of the services and beneficiaries on a digital platform, precluding any sort of physical interface. It also connects with the service provider and ensures that they receive the payment only after the completion of the transaction. Moreover, it ensures they receive payments in a timely manner and without the interference of an intermediary.

Several banks have come aboard and agreed to issue e-RUPI vouchers. State Bank of India (SBI), ICICI Bank, HDFC Bank, Punjab National Bank (PNB), Axis Bank and Bank of Baroda will provide both issuance and redemption facilities for e-RUPI coupons.

Others such as Canara Bank, IndusInd Bank, Indian Bank, Kotak Mahindra Bank and Union Bank of India will only issue e-RUPI coupons for now.

A key benefits of e-RUPI is that it connects service sponsors and beneficiaries digitally. It gives a platform for cashless and contactless digital payment and also ensures leak-proof delivery of various welfare services.

The News Talkie Bureau

Source:

NDTV


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