Micro payment venture launched
July 2, 2012 at 2:02 pm | Posted in The Market | Comments Off on Micro payment venture launchedMicro payment venture launched
RANCHI: The National Bank for Agriculture and Rural Development (Nabard), Unique Identification Authority of India (UIDAI) and National Payment Corporation of India have joined hands to start micro ATM-based payments to beneficiaries and have launched a pilot programme in the state to identify the practical impediments and come up with solutions.
Executive director of Nabard, V Ramakrishna, led a study team to Porio village on Monday where Aadhaar-enabled micro payments for MGNREGA labourers have already begun.
Prior to the field visit, Ramakrishna said Aadhaar numbers – along with core banking solution and biometric identification of individuals – have redefined payment options for the beneficiaries of government schemes through micro ATMs. “We have decided to conduct a field study on how the entire programme runs so that the bottlenecks could be identified and removed when such payments are nationally linked to Aadhaar numbers,” he said.
The results of the study will be shared with the chairmen of five regional rural banks from different parts of the country. Bank of India regional manager Tarlochan Singh coordinated the visit with Ramakrishna as the team leader. The UIDAI officials were present to see if the Aadhaar number was effective in practically verifying the identity of individuals through the biometric information provided. Singh, in his welcome speech, said the banks would make additional efforts to conduct the financial inclusion drive. UIDAI deputy director general Rajesh Bansal gave details of UID-enabled accounts and called upon other banks to utilize the CBS-enabled quick identification platform for instant payments.
The programme will be followed by a two-day conference on Aadhaar-enabled quick payment of government subsidy.
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