PM launches digital payment solution e-Rupi

Addressing the event, the prime minister said that the e-Rupi voucher is going to play a huge role in making government’s Direct Benefit Transfer (DBT) more effective in digital transactions in the country and will give a new dimension to digital governance. This will help everyone in targeted, transparent and leakage free delivery, he said.

Besides the government, if any organisation wants to help someone in their medical treatment, education or for any other purpose, then they will be able to give an e-Rupi voucher instead of cash. This will ensure that the money given by him is used for the work for which the amount was given, the prime minister said.

The prime minister said e-Rupi, being person as well as purpose specific, will ensure that the money is being used for the purpose for which any help or any benefit is being provided.

Modi noted how technology is bringing in transparency and integrity in transections and creating new opportunities and making them available to the poor. He mentioned that for reaching today’s unique product, foundation was prepared over the years by creating the JAM system, which connected mobile and Aadhaar. Benefits of JAM took some time to be visible to people and we saw how we could help the needy during the lockdown period while other countries were struggling to help their people, said the prime minister. 

He noted that in India, more than Rs17.5 lakh crore have been transferred directly to the accounts of the people via Direct Benefit Transfer. More than 300 schemes are using DBT. 900 million Indians are being benefited in some way or the other in areas like LPG, ration, medical treatment, scholarship, pension or wage disbursal. Rs1,35,000 crore have directly been transferred to farmers under the PM Kisan Samman Nidhi, Rs85,000 crore for government purchase of wheat were also disbursed in this manner. 

“The biggest benefit of this all is that Rs1,78,000 crore were prevented from going to the wrong hands, '' he added.

Development of digital transactions in India has empowered the poor and deprived, small businesses, farmers and tribal population, he said, adding that this can be felt in the record of 3 billion UPI transactions in July, amounting to  Rs6 lakh crore.

The prime minister said that the PM Svanidhi Yojana has helped more than 23 lakh street vendors in small towns and large cities of the country. During this pandemic period, about Rs2,300 crore has been disbursed to them.

The world is recognising the impact of the work done in the last 6-7 years for digital infrastructure and digital transactions in the country, he said, adding that India has created a huge base of fintech, which is not present even in developed countries.