Context :
PM
Modi to launch e-Rupi today: How does it work, benefits, all you need to know
Extract :
WHAT IS E-RUPI?
E-Rupi is a cashless and contactless instrument for digital payment. It is either QR code-based or SMS string-based
e-voucher.
This voucher when generated will reach the mobile of the beneficiaries.
This voucher can be redeemed without a card, digital payments app or internet banking
access.
This seamless one-time payment mechanism connects the sponsors of the services with the beneficiaries and service providers.
It also ensures that payment to the service provider is made only after the
transaction is completed.
E-RUPI BENEFITS
It is pre-paid
in nature and assures timely payment
to the service provider without the involvement of any
intermediary.
It can also be used for delivering
services under schemes meant for,
# Providing drugs and nutritional support under Mother and Child welfare
schemes,
#
TB eradication programmes,
# Drugs and diagnostics under schemes like Ayushman Bharat / Pradhan Mantri
Jan Arogya Yojana / fertiliser subsidies etc.
Private sectors too can leverage these digital
vouchers as part of their employee welfare and
corporate social responsibility programmes, the statement said.
MY TAKE :
Ø This is a one more welcome step towards easing /
facilitating , Digital Payments and towards a “ Less Cash “ society ( - it is perhaps impractical at this
stage, to think in terms of a CASH-LESS society )
Ø Another report ( Business Line ) reads :
“ With the help
of this, the Service Provider ( - I presume, a Shop or a Self-Employed person
or an Organized Business ), gets the payment DIRECTLY into his account. Any Government Agency or Corporate
can generate e-RUPI through its Partner Banks …. e-RUPI is not only
PERSON-SPECIFIC, but also PURPOSE-SPECIFIC ……the Voucher System will enable all
beneficiaries, including FEATURE PHONE users…
Ø Can Corporate use e-RUPI for paying monthly salaries /
wages ?
Ø
Does
this system work as under ?
E – RUPI PROCESS
FLOW CHART
|
|
Example # 1 |
Example # 2 |
|
|
|
|
|
Voucher Issuer |
Agriculture Ministry( Govt Agency ) |
L&T ( a Corporate ) |
|
|
|
|
|
Issuer’s Bank (Issues vouchers) |
SBI |
Kotak |
|
|
|
|
|
Voucher Amount / Account Number |
Rs 7,000 each ( for 1 year benefit ) |
Rs 6,000 each ( for 1 year benefit ) |
|
|
|
|
|
Beneficiary |
Farmers |
Employees |
|
|
|
|
|
No of Vouchers |
14 crore |
5,000 ( No of WFH employees ) |
|
|
|
|
|
Issuer gives to his Bank |
Mobile Numbers of each farmer |
Mobile No of each WFH employee |
|
|
|
|
|
Purpose of Voucher |
To buy Fertilizer ( Goods ) |
To get Internet ( Service ) |
|
|
|
|
|
Goods / Service Provider |
RCF / IFFCO |
7-Star |
|
|
|
|
|
Bank of Service Provider |
RBL |
Bandhan |
|
|
|
|
PROCESS ENVISAGED BY ME :
Ø Issuer asks his Bank to issue XYX number of Vouchers (
each voucher of a specific amount and carrying Mobile Number of the Recipient ).
No need to provide to the Issuing bank, names of the beneficiaries ?
Ø Bank generates vouchers and transfers the vouchers to
the Central Server of the Issuer and debits the Issuer’s bank account with the
total amount. Bank sends a detailed e-mail to the Issuer
Ø In turn, the Central Server of Issuer sends each
voucher ( to each beneficiary ) as SMS / QR code on beneficiary’s mobile number
Ø SMS tells the beneficiary voucher details : WHO sent / WHAT for / Amount / WHERE to redeem
Ø Beneficiary approaches SERVICE PROVIDER for giving
Goods / Services desired
Ø Service Provider provides the goods / service
Ø Upon “ Confirmation “ by the beneficiary to the Bank
of the Issuer ( how ? ), that he has actually received the GOODS / SERVICE
mentioned in the Voucher, the Bank of the Issuer will effect payment to the
Service Provider ( How will the Issuer get this “ transaction completed “ info
? )
Ø How exactly will the Service Provider “ receive “ the
payment ? How will his bank account get credited with the payment amount ?
Ø Would the Service Provider need to “ forward “ to his
Banker, “ payment received “ details ?
Ø Would that “ payment received “ details be in the form
of “ Redeemed voucher “ ?
Ø Would the Service Provider’s bank account be in “
Rupees “ or in “ vouchers “ ?
Ø In this entire process, is there ( even a remote )
possibility that either the Government or the Issuer’s Bank or the Service Provider’s
Bank or NPCI , would be able to continuously / dynamically compile following
Database ( without having to SNOOP or ask for anyone’s PERMISSION ) :
# WHO purchased ( each beneficiary )
# WHAT purchased ( goods or services )
# WHEN purchased ( Date=Month-Year )
# WHAT price purchased ( Rupees per Unit )
# WHERE purchased ( details of each Service Provider )
I urge Smt Sitharamanji / Shri Piyush Goyalji to :
# Prepare an OFICIAL / AUTHENTIC process of e-RUPI and publish on
several online / offline
media
# Avoid any possible allegations ( of snooping / surveillance / compilation
of LIFE-LONG BUYING
by making clear statements in
Lok Sabha
With regards,
Hemen Parekh
/ hcp@rcruitGuru.com / 03 Aug
2021