All you need to know about E-Rupi

Podcast Duration: 6:08
All you need to know about E-Rupi Voice over: Hello doston, Angel One ke ek aur super-interesting and informative podcast mein aapka swagat hai. Friends, aaj hum baat karenge E-Rupi ki. The Prime Minister earlier in this month launched the E-Rupi via video conference. National Payments Corporation of India, yaane NPCI, has launched the E-Rupi as a new way of paying someone money for a designated purpose. So, what is the E-Rupi and what will you be able to do with it? E-Rupi ek voucher hai jo ek individual ke favour mein issue kiya jata hai. Yeh voucher code uske mobile phone par aata hai. Yeh SMS ho sakta hai ya ek QR code Iska use ek one-time payment ke liye kiya jaata hai People will be able to issue the E-Rupi voucher in favour of retailers or businessmen who accept online payment. The retailer or the businessmen will receive the money instantly like cash E-Rupi ki ek khaas baat yeh hai ke aap E-rupi vouchers ka use tab bhi kar sakte hai jab aapke paas bank account ya payment app nahi hai kisiko pay karne ke liye. I know aap log kya soch rahe ho? Why come out with a new system of payment when there are so many in the market already. What was the need for it? Well, E-Rupi is quite different from all the payment products in the market. By using E-Rupi you or the government can ensure that the money is spent for the purpose it is allocated for. In case, the government has allocated money to someone for hospital or covid expenses then using E-Rupi, the government can rest assured that the money is spent on that task alone. With the launch of E-Rupi, the reach of digital payments will increase in India. In case any private organisation wants to help someone out in terms of health treatment, education or any other social cause, it can now issue an E-rupi instead of cash. Iske saath-saath, the payer can also lay down the validity time frame for the voucher. Agar government kisi payment voucher ka timeline 3 mahine decide karti hai, toh woh voucher 3 mahino baad lapse ho jayega. The government came out with the E-Rupi after considering the major problems it was facing in terms of subsidy payments, whether it was in the payment of gas or fertilizer subsidy. Kai baar badi companies would generate huge subsidy bills for the government without ensuring that the subsidy was given to poor people only. Consequently, kai ameer logon ko bhi subsidy mil rahi thi auur government ka subsidy bill badh raha tha without it reaching the targeted population. Iska tod government ne Direct Benefit Transfer ke form mein nikala, where funds were remitted directly to the bank account of the needy. The DBT system has been blossoming in the last few years. Official data ke hisaab se India runs over 314 DBT programmes over 54 ministries. A little over Rs 551 crore were transferred in FY21. FY 22 mein close to Rs 1.30 crore have been remitted over 155 crore transactions. Itne complex auur large system mein kai type ke problems aana natural hai. DBT mein bhi kuch problem nikle, jaise ke kai saare bank accounts opened under the Jan-Dhan scheme are lying dormant. Apart from that, there is the case of lower-level corruption in small towns and villages. Kai jagaho pe yeh dekha gaya ke gareeb aadmi ka bank account koi aaur hi operate kar raha. Jis ke liye subsidy de jaati thi, woh uske paas kabhi pohocthi hi nai thi. Additionally, ye bhi dekha gaya ke jab kabhi targeted population ko subsidy milti bhi thi to beneficiaries uss subsidy ko alcohol ya gambling mein udda dete the. Yeh saare problems ka ek solution yeh tha ke government paise issue kare through vouchers which would reach exactly the person intended and cut out the middle men. E-Rupi use karne ke kai faayde hai. What’s more, the government will benefit as well as it will have greater data transparency and accountability for its subsidy payments. Please yeh samajhiye ke E-Rupi is not a cryptocurrency. It is a digitised system of payment. However, the adoption of E-Rupi has given much hope to cryptocurrency enthusiasts, who are reading this as a great step towards accelerated digitisation. Cryptocurrency enthusiasts ka yeh maanna hai ke this move is a precursor towards the government adopting a positive stance towards cryptocurrencies. Many market experts believe that this could be the first substantial step towards digitisation and crypto-assets coexisting together. In India, the cash to GDP ratio is at 14.7%, which is the highest ever in the last two decades. With the adoption of the E-Rupi payment vouchers, the government is increasingly promoting digital payments and reducing the cash dependence in the country. The one major goal of the government in launching the E-Rupi is to expand financial access to 19 crore unbanked individuals in India and to bring them within the formal financial system. E-Rupi is basically a low-cost solution for welfare payments that will lend more power to the government's drive to formalise the economy further. Chaliye doston, E-Rupi pe abhi bas itna hi. However, we promise you we will keep bringing you the latest from the payment space as well. Jaane se pehle ek auur important baat. This podcast has been made for educational purposes only and the investor must do his own research as well. Aise aur interesting podcasts sunne ke liye humein follow karein via youtube and other social media channels. Until then goodbye and happy investing! Investments in the securities markets are subject to market risks, read all the related documents carefully before investing. Sources: