-The Hindu For effective cash relief in response to the COVID-19 crisis, the government must think beyond the Jan Dhan Yojana For some years now, the so-called JAM trinity (Jan Dhan-Aadhaar-Mobile) has been propounded as a dream cash-transfer infrastructure for India. The term “trinity” itself gives a sense of the faith and fervour this project sought to inspire (why not “trio”?). It was born in chapter 3 of the Economic Survey 2015,...
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Digital transactions rise sharply, banks’ RTGS up 34% in March: RBI data -Aashish Aryan & Sunny Verma
-The Indian Express The usage of cash and other cash-based services, however, dipped during the period, the data showed. New Delhi: The month of March, in which the national lockdown began, saw a sharp rise in digital financial transactions countrywide, according to data accessed by The Indian Express. According to the latest Reserve Bank of India (RBI) data, the total value of Real Time Gross Settlement (RTGS) transactions — the biggest online payment...
More »'Digital divide' persists despite the country's desire to become a digital giant
A recent report of the Ministry of Statistics and Programme Implementation (MoSPI) brings forth the dichotomy between digital divide and India’s transition towards a cashless economy. The rural-urban divide in access to computer and internet is quite stark, according to the report entitled 'Key Indicators of Household Social Consumption on Education in India, July 2017 to June 2018'. The 75th round National Sample Survey (NSS) report on education finds that...
More »SBI aims to eliminate debit cards to boost digital payment solutions
-PTI SBI Chairman said there are around 90 crore debit cards in the country as against 3 crore credit cards, and pointed out to digital solutions like its own 'Yono' platform as the key for achieving a debit card-less country. Mumbai: If the largest lender SBI has its way, it may herald the beginning of the end of the ubiquitous debt cards from the banking system as the bank plans to promote...
More »BHIM UPI, RuPay swipe Mastercard, Visa -Shishir Sinha
-The Hindu Business Line Home-grown payment systems corner over 60% of digital transactions New Delhi: India’s own Bharat Interface for Money (BHIM) and RuPay cards have garnered over 60 per cent market share of the digital transactions business, pushing back global giants such as Mastercard and Visa. BHIM is a UPI-based payment interface that allows real-time fund transfer using a single identity, typically a mobile number or a name. Unified Payments Interface (UPI)...
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