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.
