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Showing posts with label Direct Subsidy of fertilisers. Show all posts
Showing posts with label Direct Subsidy of fertilisers. Show all posts

Saturday, August 15, 2015

IMPS Card to scale up IMPS transactions 10 crs per month


          The transactions numbers of June and July 2015 is yet to be updated on the NPCI website. However, if past numbers are considered, the volumes are expected to show a sharp increase.

          The following are some disruptive strategies which can boost transactions volumes of IMPS.

No, the upper limit for individual transactions need not be increased. The primary key is to expand the foot print of the IMPS ecosystem.

On one hand Government is committed to eTransactions. At the same times, its flagship scheme i. e LPG Subsidy credit to bank accounts encourages cash transactions.

          Isn’t this a big contradiction? As the LPG subsidy is always directly credited to bank accounts, the gas consumers are already familiar with the banking channel. 

          This target audience does not require much motivation to migrate to eTransactions.

          Government departments channel the subsidy amounts to the respective beneficiaries, through NPCI. 

          On an average, NPCI undertakes around 3.5 million transfers through the platform every day, out of which most are LPG transfers.

Under the Pahal scheme of LPG subsidy, 139.1 million beneficiaries have received Rs.23,476.60 crore in their bank accounts since the scheme was relaunched. This translates the same amount of cash pushed into the economy.

As the LPG cylinder amount is below INR1000/-, banks end up large numbers of small denomination notes. The overall processing time of these large volumes is huge, both at the banks end as well the LPG dealers end.

This pool of beneficiaries is a low-picking fruit to be pushed towards eTransactions.


Introduce ‘IMPS Card’:

a)     An exclusive physical card

b)    Credits and debits through IMPS channel

c)     Debit upper limit of INR2000/-

d)    Contactless 

e)    No Pin. Only swipe and pay

f)     Linkages to bank accounts

g)    Linkages to eWallets

h)    Centralised clearing house to reduce transaction costs

i)      Centralised fraud monitoring system for robust monitoring mechanism

j)     No cash withdrawals

k)    Merchants can run common incentive programs

l)      Merchants can run exclusive incentive/referral programs
  
Based on feedback, will elaborate further


         







Saturday, March 17, 2012

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;






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