Page 45 - Banking Finance July 2022

ARTICLE

E-RUPI

(A Prepaid Electronic Gift Voucher for

specific purpose)

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

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