PM Modi introduces a digital payment method e-RUPI, via video conference on Monday. He claims that, it will assist in a focused, transparent, and leakage-free delivery system. If you’re wondering what is e-RUPI and what are benefits of e-RUPI, we’ve got you covered.
Details
Prime Minister Narendra Modi inaugurated e-voucher, a user and motive-specific cash-free electronic payment alternative, via videoconference on Monday. In his remarks on the event, he implied that the-
“e-RUPI voucher displayed how India was moving by integrating people’s lives with emerging technologies”.
He was thrilled that this forward-thinking overhaul approach had arrived at a time while the country was commemorating the Amrit Mahotsav or 75th year of independence.
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What is e-RUPI?
1. e-RUPI is a cash-free and contactless digital transaction tool. It processes as an e-voucher premised on a QR code or SMS thread communicated to the recipients’ mobile phones.
2. e-RUPI is a gateway for e-commerce. It was formed in a joint venture with the Department of Financial Services, the Ministry of Health and Family Welfare, and the National Health Authority employing the National Payments Corporation of India’s (NPCI) UPI platform.
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The following are some of the features of the prime minister’s speech
1. He asserted that harnessing technology to distribute cooking gas subsidies, ration money, and other social welfare initiatives straight to beneficiaries’ bank accounts has secured the government Rs 1.78 lakh crore thus far by averting malpractices and sorting out false welfare recipients.
2. More than Rs.17.50 lakh crore had already been deposited explicitly to people’s bank accounts through the Direct Benefit Transfer system (DBT). More than 3,000 initiatives adopt DBT, and 90 crore Indians benefited in a certain way over the others in domains such as LPG, ration, medical treatment, scholarship, pension, and pay to debit.
3. In addition, under its PM Kisan Samman Nidhi, Rs.1,35,000 crore was already disbursed promptly to farmers. A total of 85,000 crores too released in this mode for the government’s procurement of wheat.
4. “The most important result of all of this was that Rs. 1,78,000 crore was protected from falling into the corrupt hands,” he stated. The surge of electronic transactions has uplifted the underprivileged and oppressed, as well as small firms, peasants, and tribal populations. This was evident in the record 300 crores UPI transactions in July, costing 6 lakh crore, he said.
Benefits of e-RUPI
As per the Prime Minister-
“e-RUPI will monitor that the finance is utilized for the motive for which any assistance or benefit is actually delivered. There was a point when technology was regarded to be the realm of the opulent, with no space for it in a destitute nation like India. Today, we embrace technology as a resource to serve the underprivileged, a means for their evolution.”
e- RUPI integrates resource sponsors with beneficiaries and service suppliers in a technological sense with no real contact. Also, it assures that the money to the supplier is released only when the operation is performed. Because it is prepaid, it offers prompt reimbursement to the supplier even without the intervention of any middleman.
Users of this one-time transaction method will be permitted to retrieve the voucher at the supplier without the demand for a card, digital payments app, or internet banking access.
PM Modi unveiled the debut of an e-voucher that government and commercial institutions can adopt to distribute unique advantages such as vaccination to the underprivileged, stating that the approach will foster a leakage-free focused distribution system to verify that sufficient aid reaches them.
“Beneficiary is not obliged to furnish personal information during redemption, secrecy is ensured”
-he added.
