15 Opportunities for Safe Digital Transactions in India Budget 2016

          At the first glance, the below announcements in Shri Arun Jaitely’s Budget have a profound impact on the volumes of Safe Digital Transactions in India.

          The effects might not been visible in the short term, but will be visible in the medium-term to long-term.

Opportunity No 1: Unified Agriculture Marketing Scheme common e-market platform

Impact: All payments to the farmers will be routed through the Digital mode only. The payments may be directly to the farmer’s bank accounts or to linked mobile wallets. The mode of disbursement can be IMPS or NACH Credit platform. Splitting of credit by routing percentage wise to different recipients can also be explored.

Opportunity No 2: Crop Insurance Scheme, namely, Prime Minister Fasal Bima Yojana  

Impact: All payouts will be in digital mode only.

Opportunity No 3: Online Procurement System of farmer’s produce through the Food Corporation of India

Impact: All payouts will be in digital mode only.  NACH – EXCLUSIVE SESSION FOR PUNJAB GOVERNMENT TRANSACTIONS

Opportunity No 4:  Creation of 'E-Pashudhan Haat', an eMarket portal for connecting breeders and farmers

Impact: Participants will be encouraged in digital transactions only.

Opportunity No 5: Provision of Animal Health Cards ('Nakul Swasthya Patra')

Impact: Insurance policy details will be part of the Animal Health Cards. Premium collections and claims disbursements will be through digital transactions.

Opportunity No 6: 300 Rurban Clusters will be developed under the Shyama Prasad Mukherjee Rurban Mission.

Impact: Capsule programs on Safe Digital Transactions will be held to encourage rural folk to switch from physical to digital transactions.

Opportunity No 7: Two Schemes to promote digital literacy: National Digital Literacy Mission; and Digital Saksharta Abhiyan (DISHA).

Impact:  Launchof a  new Digital Literacy Mission Scheme for rural India to cover around 6 crore additional households within the next 3 years.

Opportunity No 8: New health protection scheme which will provide health cover up to Rs.One lakh per family. For senior citizens of age 60 years and above belonging to this category, an additional top-up package up to INR30,000 will be provided.

Impact: Premium collections and claims disbursements will be through digital transactions.

Opportunity No 9: "Stand Up India Scheme" to promote entrepreneurship among SC/ST and women. The Scheme will facilitate at least two such projects per bank branch, one for each category of entrepreneur. This will benefit at least 2.5 lakh entrepreneurs.

Impact: The selected entrepreneurs will be encourage to rely on “LessCash” modes rather than “Cash” modes.

Opportunity no 10: Digital Depository for School Leaving Certificates, College Degrees, Academic Awards and Mark sheets, on the pattern of a Securities Depository.

Impact: Need I say anything, the impact is clear.

Opportunity No 11: "Skill India" mission Pradhan Mantri Kaushal Vikas Yojana (PMKVY).

Impact: Participants of PMKVY across 1500m Multi Skill Training Institutes will be encouraged to explore “LessCash” modes rather than “Cash” modes.

Opportunity No 12: Entrepreneurs will be able to operate buses on various routes, subject to certain efficiency and safety norms.

Impact: Boost for ‘MORE’ – National Common Mobility Card. Reduction of income leakages.

Opportunity No 12: Action plan for revival of unserved and underserved airports.

Impact: Online ticketing companies can tap new routes and introduce the joy of air travel through discounts and CashBack offers. Boost to local tourism and hospitality industry. Medical tourism is also a viable option.

Opportunity NO 13: . The Pradhan Mantri Mudra Yojana (PMMY) Increase in target disbursement amount from INR1,00,000 crore to INR1,80,000 crore.

Impact: Loan Holders will be encouraged to opt for “LessCash” mode rather than “Cash” mode. 25% of the loan amount can be disbursed through Rupay Card.

Opportunity No 14: To provide better access to financial services, especially in rural areas, there will be a massive nationwide rollout of ATMs and Micro ATMs in Post Offices over the next three years.

Impact: Motivator for rural folk to route their transactions through Bank Accounts or linked Mobile Wallets.

Opportunity No 15:  Of the 5.35 lakh Fair Price Shops in the country, automation facilities will be provided in 3 lakh Fair Price Shops by March 2017.

Impact: The beneficiaries can buy the goods through Debit Cards linked to their bank accounts or mobile wallets.

          More opportunities will be added as and when understood.