Day 24, Modi's UPI Challenge 📆 🚇Indian metros seek less cash, more magic: BBPS, UPI, ONDC 💳📲.

 

Bangalore Metro's QR-code ticketing embraces the open network!

Day 24 marks a pivotal moment in PM Modi's 30-Day UPI Challenge! 📆 The latest revelation hints at an imminent revolution in the landscape of UPI transactions, with BBPS/ONDC set to play a transformative role in the realm of Metro Tickets. 🚇💳

Journeys on metro systems across India represent a unique conundrum—high in volume but low in individual transaction value. 🎫🔍

In the world of metro management, the mantra is clear: the lesser the reliance on cash, the better. And here's where the enchantment lies—in the synergistic combination of Bharat Bill Payment System (BBPS), UPI, and ONDC (Open Network for Digital Commerce). 💳📲

Breaking ground and setting the tone for this revolutionary wave is the Bangalore Metro Rail Corporation Limited (BMRCL), taking the lead by inviting tenders for the integration of QR Code Mobile Ticketing and Smart Card Recharge with the formidable duo of BBPS and ONDC. 🤝🛠️

This bold initiative isn't just confined to Bangalore; it's a beacon that other metros can follow with minor adjustments.

The applause is rightfully earned by the visionary team, recognizing the potential synergy of UPI/BBPS/ONDC and its profound impact on elevating UPI volumes. Let the celebration commence! 🎉

Bangalore Metro's adoption of QR-code ticketing is a paradigm shift, embracing the openness of the network! 🌐

Delving into the details of the tender, BMRCL seeks bids for the seamless integration of QR Code mobile ticketing and smart card recharge with the robust platforms of BBPS and ONDC. 🤖🎟️

BMRCL, the Special Purpose Vehicle entrusted with the Bangalore Metro Rail Project, provides a comprehensive view of the current ticketing system and unveils ambitious plans for the integration with BBPS and ONDC. 🚆💡

Let's explore the expansive scope of services outlined in this transformative endeavour:

**BBPS Integration: - Design/Development/Integration with BBPCU (Bharat Bill Pay Central Unit)

- QR code-based mobile ticketing issuance for Bangalore Metro

- Recharge of closed-loop CSCs (Contactless Smart Cards)

- Migration of existing direct integrations onto the BBPS platform

- Transaction clearing, reconciliation, and money settlement

- Support and helpdesk services for cardholders and commuters

- Ensuring security compliance

- Admin portal tailored for BMRCL's needs

 

**ONDC Integration: - Design/Development/Integration with ONDC (Open Network for Digital Commerce)

- QR code-based mobile ticketing issuance for Bangalore Metro

- Recharge of closed-loop CSCs on behalf of BMRCL

- Supply, installation, testing, and commissioning of Adaptor Hardware and Software within BMRCL premises

- Development, testing, and commissioning of Seller Application on behalf of BMRCL

- Migration of existing direct integrations onto the ONDC platform

- Transaction clearing, reconciliation, and money settlement

- Support and helpdesk services for cardholders and commuters

- Ensuring security compliance

- Admin portal tailored for BMRCL's administrative needs

 

This strategic move by BMRCL is a leap toward a future where metro transactions are not just seamless but also secure. 🌐🚇💼

Stay tuned for more updates on this groundbreaking #UPIChallenge, #DigitalIndia initiative! #BBPS #ONDC #MetroRevolution 🚀

A stellar move that can be replicated by other metros with minimal tweaks! 🔄 Kudos to the team for unlocking the potential of UPI/BBPS/ONDC and boosting UPI volumes. Let the party begin! 🎉

A futuristic step towards seamless and secure metro transactions! 🌐🚇💼 #UPIChallenge #DigitalIndia #BBPS #ONDC #MetroRevolution

 

**Paving the Way for Safe ePayments: Declaring Safe ePayDay! ** 🚀

In the vast realm of digital transactions, the spotlight is now on declaring a special day — Safe ePayDay / Safe ePayments Day! 💳✨

 

🚀 The countdown has begun, and the day is fast approaching when we'll join together in a global celebration of Safe ePayDay.

🌍✨ Imagine a day dedicated to promoting secure, seamless, and responsible electronic transactions, uniting individuals, and businesses alike.

 

Stay tuned for the momentous occasion when we collectively recognize and applaud the significance of secure ePayments in shaping a trustworthy financial landscape. 🎉💼

Let's usher in the era of Safe ePayDay, a day where we celebrate the reliability and resilience of electronic payment systems worldwide! 🌐💳 #SafeePayDay #DigitalTrust #SecureTransactions 🚀

 

 

📢 Disclaimer: These are my personal views only.

🌐 The focus is declaring a Day as Safe ePayDay / Safe ePayments Day.

🚀 Yes, the day is not far off when there will be a celebration of Safe ePayDay / Safe ePayments Day.

Copyrights if any, belong to the original copyright holder only.

 

Additional Readings:

💳✨ Happy RuPay Credit Card User Shares Positive Vibes! ✨💳** @ https://prashantnepayments.blogspot.com/2023/11/happy-rupay-credit-card-user-shares.html

PM Modi Urges Exclusive Use of UPI on Mann Ki Baat: A Month Dedicated to Digital Payments @

https://prashantnepayments.blogspot.com/2023/11/pm-modi-urges-exclusive-use-of-upi-on.html

 

 

 

 

 

 

Day 22 of PM Modi’s 30-Day UPI challenge. Envisioning UPI bloom in Surat Diamond Bourse

 

As the 30-Day UPI extravaganza orchestrated by PM Modi reaches its 22nd note, the spotlight now turns to the Surat Diamond Bourse, a gem in the making.

Envisioning a future where the occupancy levels within Surat Diamond Bourse soar to 80% by the close of 2024, the stage is set for a crescendo in UPI volumes.

 

Day 22 of PM Modi's 30-Day challenge is marked by heightened anticipation at the Surat Diamond Bourse, a colossal venture that aspires to redefine the landscape of diamond and jewellery trade.

The UPI channels at Surat Diamond Bourse are under the spotlight, with expectations of witnessing their unprecedented growth and adoption.

PM Modi's 30-Day challenge enters Day 22 with a focus on Surat Diamond Bourse, anticipating the flourishing of UPI channels within its premises.

The ambitious goal for Surat Diamond Bourse is to achieve an 80% occupancy rate by the end of 2024, a work in progress. As more offices get occupied, the UPI transaction volumes are expected to rise.

 

The current ensemble of UPI Channels includes the versatile UPI Lite X, the rhythmic UPI Tap n Pay, the harmonious UPI Scan n Pay, the melodious UPI Pay with Voice, the automated UPI AutoPay, and the sophisticated UPI RuPay Credit Card.

Each channel plays a unique role in this digital symphony.

In the grand spectacle of financial metamorphosis, I foresee a mesmerizing blend, with 98% of transactions pirouetting through the realm of digital finesse and a mere 2% clinging to the echoes of cash within the Surat Diamond Bourse campus.

Eagerly awaiting the forthcoming movements in this digital dance, anticipating updates that will paint the canvas of Surat Diamond Bourse with the vibrant hues of a cashless future. 💳✨ #DigitalHarmony #UPISymphony 🌐🎶

Surat Diamond Bourse, situated at Khajod village near Surat city, aspires to be the world's largest and most modern center for international diamond and jewellery business.

Envisaged as a global hub, Surat Diamond Bourse spans a staggering 70 lakh sq ft, accommodating 4,500 offices with 130 elevators facilitating seamless movement within the complex. The scale of the project is monumental, with a 22 km passage weaving through its expanse.

 

The existing UPI channels worldwide include UPI Lite X, UPI Tap n Pay, UPI Scan n Pay, UPI Pay with Voice, UPI AutoPay, and UPI RuPay Credit Card.

The overarching goal is to achieve a digital transaction dominance, with 98% of transactions transpiring through digital means and a mere 2% relying on traditional cash transactions within the Surat Diamond Bourse campus.

 

Green initiatives take center stage at Surat Diamond Bourse, with the project being recognized as a platinum pre-certified Green Building, adhering to the highest ecological standards.

The structure is not merely an office complex; it's a statement of sustainability and environmental responsibility.

The commitment to green building concepts is reflected in the design, ensuring energy efficiency, ample natural light, and a harmonious integration with the surrounding landscape.

 

The inauguration of Surat Diamond Bourse is a momentous occasion, and the anticipation is palpable.

The project has garnered attention not only for its architectural grandeur but also for its role in contributing to the growth of the diamond industry on a global scale.

The Surat Diamond Bourse is set to house a state-of-the-art Customs Clearance House, a Jewellery mall for retail business, and facilities for international banking and safe vaults.

 

The Surat Diamond Bourse has already become a symbol of excellence, reflecting the collective effort of the community and the dedication of its members.

The Maha Aarti and Ganesha Sthapana event on World Environment Day marked a spiritual commencement, with thousands of lamps illuminating the vision and spirit behind this extraordinary project.

 

The visionary leadership of Shri Vallabhbhai Patel, Chairman of Surat Diamond Bourse, has guided the project through challenges and triumphs.

The grand event on 5th June 2022, with esteemed members of the Surat Diamond Bourse community present, was a testament to the relentless pursuit of this dream.

It was not just the lighting of lamps but the illumination of a vision that holds promise for Surat, Gujarat, and India.

 

The Surat Diamond Bourse is not just a building; it's a testament to human aspiration, innovation, and collaboration.

With a commitment to providing a sustainable and efficient trading environment, SURAT DIAMOND BOURSE is poised to become a landmark in the global diamond and jewelry business.

As the official inauguration is now over, the world watches with anticipation for the filling up of the offices of the world's largest office complex – the Surat Diamond Bourse.

 

 

**Paving the Way for Safe ePayments: Declaring Safe ePayDay! ** 🚀

In the vast realm of digital transactions, the spotlight is now on declaring a special day — Safe ePayDay / Safe ePayments Day! 💳✨

 

🚀 The countdown has begun, and the day is fast approaching when we'll join together in a global celebration of Safe ePayDay.

🌍✨ Imagine a day dedicated to promoting secure, seamless, and responsible electronic transactions, uniting individuals, and businesses alike.

 

Stay tuned for the momentous occasion when we collectively recognize and applaud the significance of secure ePayments in shaping a trustworthy financial landscape. 🎉💼

Let's usher in the era of Safe ePayDay, a day where we celebrate the reliability and resilience of electronic payment systems worldwide! 🌐💳 #SafeePayDay #DigitalTrust #SecureTransactions 🚀

 

 

📢 Disclaimer: These are my personal views only.

🌐 The focus is declaring a Day as Safe ePayDay / Safe ePayments Day.

🚀 Yes, the day is not far off when there will be a celebration of Safe ePayDay / Safe ePayments Day.

Copyrights if any, belong to the original copyright holder only.

 

Additional Readings:

💳✨ Happy RuPay Credit Card User Shares Positive Vibes! ✨💳** @ https://prashantnepayments.blogspot.com/2023/11/happy-rupay-credit-card-user-shares.html

PM Modi Urges Exclusive Use of UPI on Mann Ki Baat: A Month Dedicated to Digital Payments @

https://prashantnepayments.blogspot.com/2023/11/pm-modi-urges-exclusive-use-of-upi-on.html

 

 

🌟 A simple explainer on RBI Sovereign Gold Bond Scheme 🌟

  

🌟 **Sovereign Gold Bond Scheme** 📅 **Launch Date: October 30, 2015

 

🪙 Sovereign Gold Bond Scheme 2023-24 Series III - Issue Price

📅 Subscription Period: December 18–22, 2023

🔍 Details: As per the Government of India notification F.No.4(6)-B(W&M)/2023 and the Reserve Bank press release on December 08, 2023, the Sovereign Gold Bond Scheme 2023-24 - Series III will be open for subscription from December 18 to December 22, 2023.

 

📈 Nominal Value Calculation: The nominal value of the bond is determined based on the simple average of the closing prices published by the India Bullion and Jewellers Association Ltd (IBJA) for gold of 999 purity on the last three working days of the week preceding the subscription period.

For the upcoming series, i.e., December 13, December 14, and December 15, 2023, the calculated nominal value is ₹6,199/- (Rupees Six thousand one hundred and ninety-nine only) per gram of gold.

 

💻 Discount for Online Investors: In a strategic move, the Government of India, in consultation with the Reserve Bank, is offering a discount of ₹50/- per gram less than the nominal value to investors applying online and making payments through digital modes.

For these tech-savvy investors, the issue price of the Gold Bond becomes ₹6,149/- (Rupees Six thousand one hundred and forty-nine only) per gram of gold. 🤖💰

 

🌐Subscription Window: Investors are encouraged to seize this opportunity and subscribe to the Sovereign Gold Bond Scheme during the specified period.

It's a chance to secure gold at an attractive rate, especially for those embracing the convenience of online transactions. 💻🛍️

🇮🇳 Introduction: The **Sovereign Gold Bond (SGB)** Scheme, initiated by the Government of India (GOI) on October 30, 2015, is a distinctive approach to gold investment. 🪙

 

🌐 Scheme Overview: Under the Gold Monetization Scheme, SGBs were introduced, offering a strategic way for investors to participate in gold without the need for physical possession. Issued monthly from October 2021 to March 2022, these bonds are made available in tranches by the Reserve Bank of India (RBI) in collaboration with the Indian Government. 📈🤝

 

🧐 Understanding SGB:  Denominated in grams of gold, with a minimum unit of 1 gram.

- Interest rate of 2.50% per annum, paid semi-annually on the nominal value.

- 8-year tenure with an exit option in the 5th, 6th, and 7th years on interest payment dates.

- Maximum individual subscription limit: 4 kg; 4 kg for a Hindu-Undivided Family (HUF); 20 kg for trusts and similar entities.

- Co-owned bonds limit applies to the first applicant.

- Issued as stocks under the Government Security Act, 2006.

- Investors receive a Holding Certificate. 📜💼

 

🇮🇳 Cultural Significance: In India, gold holds cultural significance, often purchased on auspicious occasions. While physical gold is the preferred choice, the Government and RBI offer an alternative through Sovereign Gold Bonds. This aligns with Indian traditions, combining investment with cultural practices. 💍🎉

 

💰 What are Sovereign Gold Bonds? Sovereign Gold Bonds, falling under Debt Funds, emerged in November 2015 as an innovative alternative to physical gold acquisition. These government securities, denominated in grams of gold, require investors to pay the issue price in cash. Upon maturity, the redemption occurs in cash.

 

🔒 Secured Investment: Sovereign Gold Bonds offer a secured investment, minimizing susceptibility to market risks and fluctuations. Issued by the Government, these bonds have predefined windows during which investors can subscribe in tranches. 🪙📉

 

📢 Issuance Announcements: The Government typically announces the issuance of gold bonds every 2 or 3 months through press releases, signaling a one-week subscription window. With an 8-year maturity period, investors have the flexibility to exit after 5 years. 📰🕒

1. What is SGB?

   - Govt. securities denominated in grams of gold.

   - Issued by RBI on behalf of the Govt. of India.

 

2. Why SGB over physical gold?

   - Protected quantity, superior to physical gold.

   - Eliminates storage risks and costs.

 

3. Risks in SGBs?

   - Capital loss if gold market price declines.

 

4. Who is eligible to invest?

   - Residents in India as per FEMA 1999.

 

5. Can minors and joint holding invest?

   - Yes, with a guardian. Joint holding allowed.

 

6. Where to get the application form?

   - Issuing banks, SHCIL offices, Post Offices, online.

 

7. What are the KYC norms?

   - PAN Number mandatory.

 

8. Minimum and maximum limits for investment?

   - Issued in denominations of one gram.

   - Min 1 gram, Max 4 kg for individuals.

9. Rate of interest and payment?

   - 2.50% per annum, credited semi-annually.

10. Authorized agencies for selling SGBs?

    - Nationalized/Private Banks, Post Offices, SHCIL, stock exchanges.

11. Assurance of allotment?

    - Yes, if eligibility criteria met.

 

12. When are Holding Certificates issued?

    - On the date of SGB issuance.

 

13. Can I apply online?

    - Yes, with a ₹50 per gram discount for online applications.

 

14. Price at which bonds are sold?

    - Nominal value in INR based on average gold price.

 

15. Daily publication of gold rates by RBI?

    - Yes, two days before the issue opens.

 

16. What will I get on redemption?

    - Redeemed in INR based on average gold price.

 

17. Redemption process and amount?

    - Advised one month before maturity.

    - Credited to the bank account.

 

18. Premature redemption and tradability?

    - Allowed after the fifth year.

    - Tradable on exchanges if in demat form.

 

19. Tax implications on interest and capital gain?

    - Taxable interest, exempted capital gains.

 

20. TDS applicable on the bond?

    - No TDS, holder's responsibility for tax compliance.

 

21. Customer services post-issuance?

    - Provided by issuing banks, SHCIL, Post Offices, stock exchanges.

 

22. Payment options for investing?

    - Cash (up to ₹20,000), cheques, demand draft, electronic fund transfer.

 

23. Nomination facility available?

    - Yes, as per Govt. Securities Act.

 

24. Can bonds be held in demat form?

    - Yes, with a specific request.

 

25. Trading of bonds?

    - Tradable from a date notified by RBI.

 

26. Death of an investor procedures?

    - Nominee's claim recognized, applicable provisions followed.

 

27. Part repayment during put option exercise?

    - Yes, in multiples of one gram.

 

28. Contacting RBI for queries?

    - Dedicated email for public queries. 📧

 

Choose your gold investment wisely! 💰✨🌐

 

🌟 Gold Investment Options Comparison 🌟

Gold ETFs / RBI Sovereign Gold Bond / Physical God

🔍 Insights:

- Safety: All three options provide a high level of safety, with minimal risk in digital forms.

- Returns: Sovereign Gold Bonds offer higher returns, especially if held until maturity.

- Purity: Electronic forms (ETFs and Bonds) assure high purity.

- Tradability: Gold ETFs and Sovereign Gold Bonds offer tradability, while physical gold is restrictive.

- Gains: Tax benefits in LTCG for Bonds if redeemed after maturity.

- Storage: Digital forms require minimal storage, unlike physical gold.

- Loan Collateral: Bonds and physical gold can be used as loan collateral. **🚀 Celebrate Safe ePayDay! 💳✨**

 

In the digital realm, a special day is on the horizon—

SafeePayDay! 🌍✨ Join us in a global celebration, promoting secure, seamless, and responsible electronic transactions. 🌐💼

 

Stay tuned for the occasion when we collectively recognize the significance of secure ePayments, shaping a trustworthy financial landscape. 🎉💳

#SafeePayDay #DigitalTrust #SecureTransactions 🚀

 

📢 Disclaimer: Personal views. Focus on declaring Safe ePayDay.

Celebration is near!

Copyrights belong to the original holder.

Additional Reading Material: PM’s address in the 107th Episode of ‘Mann Ki Baat’ on 26 Nov, 2023 @ https://www.pmindia.gov.in/en/news_updates/pms-address-in-the-107th-episode-of-mann-ki-baat/

 

 

Day 19 of PM Modi's dynamic 30-day UPI Challenge sparks innovation in the digital realm!

 

🚀 Day 19 of PM Modi's dynamic 30-day UPI Challenge unfolds like a digital symphony, orchestrating innovation in every transaction! 💳💻

The quest for an enhanced UPI experience continues, shaping the future of seamless digital payments.

Let's ride this wave of transformative fintech with excitement and anticipation! 🌐📈 #30DayUPIChallenge #DigitalInnovation

         NPCI vide Cir.No.NPCl/UPl/OC-182/2023-24 dt. 7th December 2023, addressed to ‘Members - Unified Payments Interface (UPI), informed about User Experience Enhancements for UPI AutoPay.

As the UPI AutoPay journey evolves, weaving its significance into digital transactions, NPCI ushers in transformative enhancements to elevate user experience. 🌐📈

         As UPI AutoPay continues to evolve, weaving itself into the fabric of digital payments, it's time for transformative enhancements to elevate the user experience. 🚀📈

 

Noteworthy Enhancements:

 

1. In-App Merchant Recurring Payments: 

   1.1 UPI Apps unveil a dedicated section for users' bills and in-app merchant recurring payments. 

   1.2 UPI AutoPay takes center stage as the default payment option for bills and recurring payments in the "Pay via UPI" section.

 

2. AutoPay Transaction Limits: 

   2.1 UPI AutoPay transactions won't encroach on regular UPI transaction limits, ensuring seamless financial interactions. 

   2.2 For verified merchants, mandate creation and execution can now extend up to UPI transaction limits, with the AFA limit maintaining at 15,000/- as per the circular NPCl/UPl/OC No. 151/2022-23.

 

3. Mandate Management by Merchants: 

   3.1 Merchants (excluding MCC 7322) are encouraged to support mandate pause functionality to eliminate confusion. 

   3.2 To cancel mandates, merchants should use the UPIAutoPay channel via their acquiring bank, ensuring clarity for users.

   3.3 Merchants (excluding those under MCC 7322) must support mandate pause functionality to avoid confusion. 

4. Adherence to Latest Mandate Linking Specifications: 

   Payer apps and merchants are urged to align with the latest mandate linking specifications for an enhanced customer experience. This includes separate display of the first debit amount, QR scanning support, and the flexibility for users to choose between one-time and recurring payments.

 

5. Standardization of Merchant VPA Format: 

   Acquiring banks are advised to adopt the standard VPA format for onboarding new merchants, ensuring a streamlined process within the UPI ecosystem.

A structured approach ensures clarity and efficiency in the UPI ecosystem.

 

All UPI community members are encouraged to embrace these enhancements, collectively steering UPI towards an era of unparalleled convenience and innovation by the 15th of February 2024.

All members of the UPI community are urged to embrace these enhancements, fostering a more user-centric UPI AutoPay experience by the latest 15th of February 2024.

Let's propel UPI into a future where user experience takes center stage! 🌟🤝 #UPIAutoPay #DigitalInnovation #UserExperience

Let's collectively propel UPI into a future of unparalleled convenience and innovation! 🌟🤝 #UPIAutoPay #UserExperience #DigitalInnovation

 

**Paving the Way for Safe ePayments: Declaring Safe ePayDay! ** 🚀

In the vast realm of digital transactions, the spotlight is now on declaring a special day — Safe ePayDay / Safe ePayments Day! 💳✨

 

🚀 The countdown has begun, and the day is fast approaching when we'll join together in a global celebration of Safe ePayDay.

🌍✨ Imagine a day dedicated to promoting secure, seamless, and responsible electronic transactions, uniting individuals, and businesses alike.

 

Stay tuned for the momentous occasion when we collectively recognize and applaud the significance of secure ePayments in shaping a trustworthy financial landscape. 🎉💼

Let's usher in the era of Safe ePayDay, a day where we celebrate the reliability and resilience of electronic payment systems worldwide! 🌐💳 #SafeePayDay #DigitalTrust #SecureTransactions 🚀

 

 

📢 Disclaimer: These are my personal views only.

🌐 The focus is declaring a Day as Safe ePayDay / Safe ePayments Day.

🚀 Yes, the day is not far off when there will be a celebration of Safe ePayDay / Safe ePayments Day.

Copyrights if any, belong to the original copyright holder only.

 

Additional Readings:

💳✨ Happy RuPay Credit Card User Shares Positive Vibes! ✨💳** @ https://prashantnepayments.blogspot.com/2023/11/happy-rupay-credit-card-user-shares.html

PM Modi Urges Exclusive Use of UPI on Mann Ki Baat: A Month Dedicated to Digital Payments @

https://prashantnepayments.blogspot.com/2023/11/pm-modi-urges-exclusive-use-of-upi-on.html