Indian Union Budget 2012 – A Safe ePayments Motivator view

10 boosters for Safe ePayments in Union Budget 2012.

1. Kisan Credit Card (KCC ) being turned into a smart card to be used at ATMs. The genesis of this idea can be traced back to 2005, when State Bank of India, was planning to launch ATM linked Kisan Card
   
   
2. 02) Central 'Know Your Customer (KYC) depository' will be rolled out in 2012-13, to minimize customer inconvenience in opening Bank Accounts and possible reduction in fraudulent documents being part of the Banking System.
   
   
3. National Population Register (NPR) will be live in the next two years. The NPR will have the AADHAAR numbers, as the Unique Identifier which will drive Government's e-governance initiatives.
   
   
4. 04) UID-Aadhaar enrollments will cross 60 crs+ and majority of MG-NREGA; old age, widow and disability pensions; and scholarships will move directly to the beneficiary accounts in selected areas.
   
   
5. 05) National rollout of mobile- based Fertiliser Management System (mFMS) . The system is live, and the is being rolled out across the country. The basic aim of mFMS is to track the movement of fertilizers along the supply chain I.e from Manufacturer to Retailer. Once, this is stablised,the next hase would be Direct transfer of subsidy to the retailer, and eventually to the farmer.
   
   
6. As the data in the transparency portals of the three public sector Oil Marketing Companies stablise, the project for selling LPG at market price and reimbursement would be rolled out. Already a pilot project is being conducted in Mysore.
   
   
7. Another project is for the direct transfer of subsidy on Kerosene. This has commenced in Alwar district of Rajasthan.
   
   
8. Similarly, the Aadhaar platform has also been successfully used to validate PDS ration cards in Jharkhand. This is forerunner to roll out Aadhaar enabled payments in atleast 50 selected districts in the next six months.
   
   
9. All IPO's of above Rs10 crs, will be in the in electronic form through nationwide broker network of stock exchanges; This will substantially reduce the Paper cheques in the Banking industry.
   
   
10. Another electronic platform in the Stock Market is the through electronic voting facilities, besides existing process for shareholder voting, which will be made mandatory initially for top listed companies;