Sunday, July 23, 2017

Government of India Digital Transactions Target – 2,500 crores / 25 Billion

          Government of India under the leadership of Shri Narendra Modi has set a target of 2,500 crore digital transactions in the financial year 2017-2018.

          The number of 2,500 crore digital transactions or 25 billion digital transactions has been announced by Shri Arun Jaitely, Union Minister for Finance, Government of India, in Parliament on February 1, 2017 during the presentation of the Union Budget for 2017-18.

An announcement has been made to set up a Mission to reach 25 billion digital transactions for 2017-18 through Unified Payment Interface (UPI), Unstructured Supplementary Service Data (USSD), Aadhar Pay, Immediate Payment Service (IMPS) and debit cards.

Please note transactions through Cheques will not qualify under the 25 billion numbers.

The action from the Central Government side has picked up for ensuring that the target of 25 billion digital transactions is met by 31st March, 2018.

The government has split the number across 35 government ministries and 29 states and seven Union Territories.

In the next couple of months a real-time tracking portal will be rolled out. The primary objective of the portal is to remind the various stake-holders the road ahead.

The ministry of road transport and highways and the department of telecommunications (DoT) will be chasing the highest targets for electronic payments in the government's plan to turn India into a less-cash economy.

Ministries have been chosen depending on their ability to carry out digital transactions through their physical footprint. “For the petroleum ministry, the point of interface will be the petrol pump network; for human resource development it is the educational institutes, and for railways, it will be the stations or the booking counters," said the official.

Image courtesy - Economic Times

While the ministry of road transport and highways and the department of telecommunications have been given targets upwards of 5 billion, they are followed by the ministries of railways and petroleum and natural gas, which must aim for 2.82 billion and 2.29 billion transactions, respectively.

Now the targets have been distributed, the respective ministries and states will unveil detailed road-maps.

Among states, Maharashtra and Uttar Pradesh have the highest targets (above 3 billion) followed by Tamil Nadu, West Bengal and Gujarat with numbers in the 1.5-2 billion range.

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