Page 25 - Banking Finance October 2015

PRESS RELEASE

NPCI hosts nationwide e-Payment Literacy Workshop

28 States, 120 Locations, 24000+ Participants

Financial Literacy workshops at 120 centres across India on World literacy day

National Payments Corporation of India (NPCI), the umbrella Shri Balachandran M, Chairman, NPCI said, “Digital and
organization for all retail payment system in the country smart banking systems shall be accessible even in the
has initiated a first-of-its-kind ‘e-Payments Literacy remotest corner of our country; our initiative is to tap
Workshop’ pan India on the occasion of World Literacy Day. consumers belonging to all sections of the society and
The nationwide event was simultaneously hosted by NPCI elevate their banking experience. Every citizen should be
representatives across all 56 Regional Rural Banks’ empowered with technologically-advanced banking facilities
locations, at 120 centres. More than 24000 participants and should be eventually brought under the umbrella of
from RRBs took part in the initiative. mainstream banking. This workshop is aimed at motivating
all our stakeholders and consumers to optimally utilise state-
Participants who have attended the workshop were of-the-art payment products that are designed to suit the
familiarized with customs of ATMs and its numerous features customised needs of customers from different strata of the
like Cash Withdrawal, Balance Enquiry, Mini Statement society.”
enquiry etc. Consumer redressal advices and other
precautionary tips on PIN change and Fund transfer were Shri A P Hota, Managing Director & CEO, NPCI said,
demonstrated. Security tips like mobile number registration, “Regional Rural Banks (RRBs) have been playing a vital role
seeding Aadhaar with bank and LPG subsidy process were in financial inclusion. Now that they have technical
also presented. Payment solutions through RuPay card at infrastructure and access to various payments systems
PoS, e-comm, ATMs channels were encouraged along with through NPCI, all efforts are to be made to make their
NPCI’s customer friendly fund transfer services. customers aware of the facilities available. Financial
Literacy for these customers has the potential to bridge
Shri Balachandran M, Chairman, NPCI released A ‘smart 'India' with 'Bharat'.
payments’ e-Book Manual that was presented to banks
across all locations by NPCI officials. The booklet contained Cumulative sessions on the same lines have been envisioned
136 basic, relevant and easy to understand FAQs on ATM to accelerate the Digital India initiative to transform India
transactions, RuPay Debit Cards, PoS Usage, e-commerce into a less-cash economy and mark a positive difference in
transactions, IMPS (Immediate Payment Service), AEPS the payments ecosystem. NPCI has been on the forefront
(Aadhaar Enabled Payment Service). The process and to introduce several safe, secure and simple means of
procedures through FAQs have been divided into 5 sections payments for customers and has been actively empowering
based on combination of payment products and NPCI’s its stakeholders. It is now willing to educate elementary
services like NFS (National Financial Switch), Debit Card, banking fundamentals to fresh entrants and encourage
IMPS, AEPS and APBS (Aadhaar Payment Bridge System) usage of electronic payments in everyday lives.
which are meant to address the basic challenges faced by
the consumers on a day to day basis.

Nabard arranges Rs. 30,000 cr irrigation loans for farmers

The National Bank for Agriculture and Rural Development (Nabard) has offered to refinance the conversion of short-
term crop loans of farmers into medium-term loans and spend as much as Rs 30,000 crore in irrigation projects in the
next three years to the farmers. "We have assured all the banks about liquidity support," said HR Dave, Deputy Man-
aging Director of Nabard.

"There are standing instructions from the RBI and Nabard that as and when there's a problem, convert the loan and
don't allow the farmers to have distress… that I have to repay so much of money," he said. "Banks have already started
converting loans. Maharashtra is converting almost Rs 3,000 crore of crop loans into medium-term loans. Rajasthan
has asked for Rs 2,500 crore. Three or four states have already made demands," he said.

BANKING FINANCE | OCTOBER | 2015 | 25

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