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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