What is e-RUPI and how it works?

What is e-RUPI and how it works?

e-RUPI is basically a digital voucher which a beneficiary gets on his phone in the form of an SMS or QR code. It is a pre-paid voucher, which he/she can go and redeem at any centre that accepts it.

For example, if the Government wants to cover a particular treatment of an employee in a specified hospital, it can issue an e-RUPI voucher for the determined amount through a partner bank. The employee will receive an SMS or a QR Code on his feature phone/smartphone. He/she can go to the specified hospital, avail of the services and pay through the e-RUPI voucher received on his phone.

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Thus e-RUPI is a one time contactless, cashless voucher-based mode of payment that helps users redeem the voucher without a card, digital payments app, or internet banking access.

India’s forex reserves have reached a new lifetime high of $621.5 billion.

e-RUPI should not be confused with Digital Currency which the Reserve Bank of India is contemplating. Instead, e-RUPI is a person-specific, even purpose-specific digital voucher.

Who has developed the e-RUPI ?:

The National Payments Corporation of India (NPCI), which oversees the digital payments ecosystem in India, has launched e-RUPI, a voucher-based payments system to promote cashless transactions.

Which Banks issue e-RUPI ?:

NPCI has partnered with 11 banks for e-RUPI transactions. They are Axis Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, Indian Bank, IndusInd Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India and Union Bank of India.

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Second Phase of Digital India programme

PM Modi may launch the second phase of Digital India programme on June 15

The programme was launched by Modi in 2015 with an aim to make all government services available to citizens electronicallyKeeping an eye at the target of a Rs 1 trillion digital economy by 2022, the government could soon announce the second phase of its Digital India programme, with about 30 policy initiatives.

second phase of Digital India programme
According to sources, this is likely to be launched by Prime Minister Narendra Modi around June 15. The electronics and information technology ministry is working on the boost to the existing programme.

The programme was launched by Modi in 2015 with an aim to make all government services available to citizens electronically.

The proposal is to launch the programme immediately after the Modi government completes four years in office.

The focus would be on services such as health, education, rural development, agriculture, energy and next-generation financial services. The government plans a national document and data exchange, to develop real-time data visualization and deep analytics capabilities, a government e-marketplace, digitally-enabled power distribution and direct benefit transfers, and grid automation, among others.

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