Sun, Jul 23, 2017 | updated 03:03 PM IST

Direct payment transfers going to be rule in future, says Jaitley

Updated: Oct 02, 2016 11:59 IST      
Direct payment transfers going to be rule in future, says Jaitley
New Delhi [India], Oct.2 (ANI): Union Finance Minister Arun Jaitley has made it clear that direct transfer payments is going to be the rule in future with tremendous success in targeting the beneficiaries without the problem of any leakages.

Delivering the keynote address at the conference on 'Digital Payments: Inclusion, Growth and Opportunities' organised by Observer Research Foundation in association with Better Than Cash Alliance in Delhi on Saturday.

Explaining the benefits of the Direct Benefit Transfer (DBT) which is helping the government to target the needy better, Jaitley said, "I am sure this going to be the rule in future."

Jaitley said now with the apprehensions some people earlier had on direct payments been adequately addressed, "the system will be enough to take care of these".

He pointed out though the discourses on Unique Identity (UID) and DBT began and continued parallel, now it has got converged.

The minister said the DBT has helped the government to pay subsidies and other benefits directly to the identified needy, helping it to plug leakages and end corruption and fraudulent means in financial benefits disbursement.

He said he has no doubt that DBTs are essential for rationalisation, better targeting and effective implementation of the subsidies and other benefits.

With the success in the DBT now, the government is planning to expand the mission to other areas as well as the government has effectively implemented JAM, Jan Dhan-Aadhar-Mobile) trinity through the powerful Digital India, Jaitley said.

He noted that over 240 million people had opened accounts following the Jan Dhan programme launch within a couple of weeks, if not days.

He strongly refuted the criticism that majority of the accounts opened through the programme is dormant. When he was asked about this criticism, the Finance Minster confidently said "it is not correct". He said more than 80 percent of the accounts are working well.

"Some may be dormant now, like few in tribal areas. But with the government planning to make use of DBT more, these accounts will become active," he pointed.

Later NITI Ayog CEO Amitabh Kant said the government is trying its best to make doing business in India simpler and simpler. He said the government is conscious of the fact that if the global supply chain needs to shift to India, it has to open up its economy, and the Modi government has taken several steps towards it.

He said this has resulted in 53 percent jump in FDI in India while the world over it registered 16 percent decline.

Kant said tech is going to be the differentiator in the future between countries, and for that digital transactions and cashless society play a very important role.

He expected India to move to a cashless society by 2023. "Cash is dead. Digital payment is the future," Kant declared as he said some barriers to digital payments in rural India like regional language gateways need to be fixed.

Talking of the great future of India, Kant also expected the country's e-commerce, which is now at 20 billion, to leapjump to 250-280 million.

During the conference, Catalyst, the inclusive cashless payment partnership, between the government of India and the USAID with the aim of helping the underprivileged, was also launched.

The conference had sessions on 'Realising the Digital Payments Potential of India', 'Digital Federalism - How States are Leading the Transformation' and 'Creating the Digital Last Mile' in which senior officials of the government of India, State governments, private players and academia participated.

The objective of the conference brought together high-level decision makes, private sector players and civil society to debate and deliver solutions to accelerate digital inclusion, digital businesses and digital growth. They discussed why digital payments are a key driver for financial inclusion and a digital economy and the necessary strategic considerations to move away from cash to digital payments. The government, private practitioners and experts showcased India's capability to be global leader in this field.

The government has identified digital gateways that hold transformative potential for the country. The Digital India Initiative with JAM and Less Cash India, are today the centre-piece of India's development and inclusive growth efforts.

Over a billion mobile connections, quarter of a billion bank accounts (Jan-Dhan) and a digital identity database (Aadhar) of a billion strong are catalysing this strong policy push. (ANI)

New Delhi [India], July 22 (ANI): The fourth edition of Madhya Pradesh Travel Mart themed 'Seek-Discover-Explore' will be held at Bhopal from October 27 to 29.

Full Story >>

New Delhi [India], July 22 (ANI): Telecom Regulatory Authority of India (TRAI) Chairman R S Sharma on Saturday said that the authority is in view of creating a framework for data privacy and protection, which will be specifically limited to the telecom sector.

Full Story >>

New Delhi [India], July 22 (ANI): Toronto Recombinant Antibody Centre (TRAC) from the University of Toronto, Canada agreed to license MedGenome's patented cancer immunotherapy solution OncoPept to develop biomarkers for their drug candidates against immune modulators to treat cancer.

Full Story >>

Tokyo [Japan], July 22 (ANI): AVX Corporation signed a definitive agreement to acquire the transportation, sensing and control division (hereinafter called TS&C), from the UK company, TT Electronics PLC.

Full Story >>

Planning easy travel, refer to these top five apps!

Updated: Jul 22, 2017 14:20 IST     

New Delhi [India], July 22 (ANI): With the season of festivals getting back to its fervor, it is time again to plan, save time and fly to your preferred destination, without particularly burning a giant hole in your pocket.

Full Story >>

India was funded by invisible money for 70 years: Jaitley

Updated: Jul 22, 2017 11:09 IST     

New Delhi [India], July 22 (ANI): Finance Minister Arun Jaitley, while calling for a greater degree of transparency in political funding, said India was being funded by invisible money for 70 years.

Full Story >>

Return on PMVVY scheme exempted from GST: Jaitley

Updated: Jul 21, 2017 20:18 IST     

New Delhi [India], July 21 (ANI): Union Finance Minister Arun Jaitley on Friday said that rate of return being provided to senior citizens under the Life Insurance Corporation of India's (LIC) new scheme will be exempted under the new Goods and Services Tax (GST) regime, and will be free from fluctuation, thus ensuring more stability to the aged.

Full Story >>

New Delhi [India], July 21 (ANI): Bank of Baroda on Friday announced entering into a Memorandum of Understanding (MoU) with the Directorate General of Supplies and Disposal (DGS&D) for extending various banking services to the Government e-Marketplace (GeM) initiative.

Full Story >>

Mercedes-Benz India launches new AMG GLC 43 4MATIC Coupe

Updated: Jul 21, 2017 17:34 IST     

New Delhi [India], July 21 (ANI): Commemorating the completion of 50 years of its performance brand-AMG, luxury car maker Mercedes-Benz India on Friday launched the all new Mercedes-AMG GLC 43 4MATIC Coupe, an SUV Coupe which embodies superlative driving performance and agility.

Full Story >>

Uber launches UPI-linked payment services on Android

Updated: Jul 21, 2017 17:34 IST     

New Delhi [India], July 21 (ANI): Taxi aggregator Uber on Thursday announced third payment option for their Android app users, apart from cash, e-wallet and credit/debit card with the integration of the Unified Payment Interface (UPI) payments platform.

Full Story >>

New Delhi [India], July 21 (ANI): While addressing shareholders at 40th annual general meeting (AGM) of Reliance Industries Chairman Mukesh Ambani announced a bonus issue of 1:1, which means that shareholders will get one bonus share for every one share held by an investor.

Full Story >>

New Delhi [India], July 21 (ANI-NewsVoir): EO Gurgaon organised conversation with Vikram Oberoi, the third generation scion of India's best-known luxury hospitality chain. He is the most successful purveyor of luxury hospitality in the country. Over the 10 years, when he stepped into a mainstream management role as General Manager of the Oberoi Rajvilas in Jaipur, he has relentlessly focused on quality and succeeded.

Full Story >>

New Delhi [India], July 21 (ANI): Government think-tank NITI Aayog on Friday approved investments worth Rs. 18,000 crore for high-speed rail projects for major routes of Delhi-Mumbai and Delhi-Kolkata, Union Minister for Railways Suresh Prabhu said at an ASSOCHAM event here today.

Full Story >>

ShopClues appoints Deepak Sharma as new CFO

Updated: Jul 21, 2017 15:23 IST     

New Delhi [India], July 21 (ANI): India's first and largest managed online marketplace ShopClues on Friday announced appointment of Deepak Sharma as CFO.

Full Story >>

Mumbai (Maharashtra) [India], July 21 (ANI): Reliance Industries Chairman and Managing Director (CMD) Mukesh Ambani on Friday launched its VoLTE feature phone, JioPhone, in India at an 'effective price' of Rs 0.

Full Story >>

New Delhi [India], July 20 (ANI): Paytm now enables customers to get their cashback as Paytm Gold. This will combine the spending and saving experience with an asset that is close to the hearts of Indians.

Full Story >>

Reliance Industries announces Q1 profit at Rs. 9108 crore

Updated: Jul 20, 2017 18:46 IST     

New Delhi [India], July 20 (ANI): Reliance Industries' on Thursday announced its earnings with a consolidated profit at Rs. 9,108 crore, partly driven by one-time gain of Rs. 1,087 crore.

Full Story >>

New Delhi [India], July 20 (ANI-NewsVoir): Created with an objective to deliver striking blow to counterfeiting, LetsVeriFy, an innovative and cutting-edge application by ThinkCurve is witnessing a high growth in popularity amongst customers and manufacturers in India.

Full Story >>

New Delhi [India], July 20 (ANI-NewsVoir): Preethi Kitchen Appliances, an inseparable brand of any Indian kitchen, entered Global Book of World Records, Asia Book of Records and India Book of Records recently for the demonstration of its mixer grinder's grinding prowess by organising the Longest Mixer Grinder Grinding Marathon-the first brand across the globe to achieve such a feat.

Full Story >>

New Delhi [India], July 20 (ANI-BusinessWireIndia): Been into the news since its inception, Applancer has become a renowned name in IT industry. After continuous enhancements, Applancer has become world's first decentralized software development outsourcing platform. We all are pretty aware that mobile apps are ruling the digital industry currently.

Full Story >>