A Journey of Digital India.
Long back when all of us thought about sending money, then the very first thing that would come to our mind was is someone going at my place , if yes, then let me give some money so that he/she can deliver it by hand , if no then ok we used to follow draft or money order process. However, as India grew and technology started booming in India, the mode of sending money changed. First phase of Digitisation India Easy Mart was connecting all banks branches with the Internet and keeping all accounts and customer details Online. It was difficult in the beginning, but slowly it has changed the way we do banking. Now, due to the high economic growth and easier connectivity, the customers are reaping the benefits of the world-class banking solutions, deposit and send money to any part of the world hassle-free through NEFT.
Banking Solutions Revolution with Excellent Digital Services
It is important to note that the process of NEFT was introduced by RBI in 2005, and it does revolutionize the banking system in India. But as we grew further, the need of more branches of banks were required, government privatised banks and asked them to open more branches .This in turn was costly affair and it was difficult to manage due to high operation cost.
The government realised that opening bank branches was costly affair not viable as most of India was uncovered with banking system and its citizen didn’t have account to keep deposit and money transfer in hassle-free manner. Then Government with its aim to open branches introduced Financial Inclusion and the step to open small branches was Introduced, SBI as biggest bank was asked to open “SBI Kiosk Banking” Branches in early 2009 and along with other Govt banks like PNB CSP, Bank of Baroda CSP, and “Bank of India CSP “.State Bank of India stated opening “Gharak Sewa Kendra” or “Mini Bank” at Villages far from banks. It was tough job for them due to various difficulties like man power, electricity and internet. To overcome this challenge of opening Customer Service point or CSP, Companies like Oxigen, EKO, and FINO were tied to open rural Branches.
Side by side there were some other digital services revolution like the Aadhaar Enabled Payment System (AEPS), AEPS , IMPS and lots more. Immediate Payment service (IMPS money Transfer or Domestic money Transfer was growing on due to financial inclusion programme of NCPI). This has led to 24*7 transfer of money to banks accounts which replaced NEFT in some way or other.
Bharat Bill Payment system
Bharat Bill Payment System has certainly redefined the banking system in India. The shops having this particular facility offers a convenient method of accepting and transferring apart from payment services, Utility and Bill payments in offline and online way were introduced ,One of the major changes introduced were linking up of various boards and telecom operators and various bill payment services via –Bharat Bill pay or BBPS where customers can see the outstanding bill pay it online, “recharge services” providers were also benefitted .Multiple “online recharge service providers” like Airtel,idea ,Vodafone and other telecom operators who are “online mobile recharge service providers “in India also benefitted from initiatives of new india.Various “online recharge services providers in India” like Paytm,free charge, wallet recharge companies and gateway providers who were in these business in offline mode or you say Lapu in Layman Language started earning in doing “online mobile recharge” big way and thus contributing to economy in best possible method.
Pan card Service Providers:
We all know that to file the Income tax, Pan Card services are mandatory. It was offline earlier, so making it online was a big challenge to the service providers, but as the technology changed, digital services got a big boost and online making of Pan Card became a reality .Currently, the shopkeepers can avail UTI Pan Card Id or NSDL Pan Card and generate instantly with less cost and time.