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Showing posts with label Budget 2013-14. Show all posts
Showing posts with label Budget 2013-14. Show all posts

Friday, March 1, 2013

Budget 2013-14 – Benefits for Safe ePayments



            The following points are of great interest to Safe ePayments Motivators.
            In the medium run, these new initiatives announced by Mr.P.Chidambaram, Finance Minister, will encourage Indian industry and bank customers to adopt more and more ePayments modes in their daily routine.

01) 11 lakh beneficiaries have received benefit under Direct Benefit Transfer scheme. Direct Benefit Transfer (DBT) Scheme to be rolled out throughout the country during the term of UPA Government: - The more beneficiaries experience the joy of Safe ePayments, the more they will spread the word of Safe ePayments.

02)Rs 532 crore to make post offices part of core banking: - At present, Post Office Saving Bank is not part of electronic payment channels viz ATMs,NEFT,RTGS,IMPS etc. The core banking solution is the first step to integrate Post Office Saving Bank into mainstream eBanking Channel.

03)Tax credit of Rs. 2,000 for income upto Rs. 5 lakh: - This will encourage people to file their tax-returns irrespective of whether their tax liability. This is a step to ensure more and more countrymen obtain PAN.

04)First home loan from a bank or housing finance corporation upto Rs. 25 lakh entitled to additional deduction of interest upto Rs. 1 lakh: The disbursements to real-industry should be via eMode only.

05)Insurance companies can now open branches in Tier 2 cities and below without prior approval. All towns of India with a population of 10000 or more will have an LIC branch and one other public sector insurance company:- All Insurance companies have adopted ePayments in their daily routine. The above initiative will deepen the reach of ePayments.

06)All public-sector banks have assured the Finance Minister that they will all have ATMs in their branch areas by 2014.

07)India's first women's bank as a PSU proposed, Rs. 1,000 crore working capital announced

08)The country has moved a step towards uniform know-your-customer (KYC) norms for different investments. The Union Budget has proposed the use of bank KYC for buying insurance as well. This will make the process for purchase of insurance simpler
            

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