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Create platform for quick credit to MSMEs: IT Minister

Top banks and fintechs conferred DIGIDHAN Awards for their contribution to the promotion of digital payments

As part of the week-long ‘Azadi Ka Digital Mahotsav,’ the Ministry of Electronics and Information Technology (MeitY) hosted a unique event called ‘Digital Payment Utsav.’ The event saw the unveiling of the DIGIDHAN logo, as well as the launch of an awareness campaign called Digital Payments Sandesh Yatra, which featured a digital payments anthem ‘Chutki Baja ke’ (cashless, touchless, paperless).

Top banks and fintech were honored and recognized in various categories for their contribution to the promotion of digital payments in FY 2019-20 and FY 2020-21.

The Minister for Electronics and Information Technology, Railways, and Communications, Ashwini Vaishnav, challenged bankers to create a platform as powerful and seamless as the UPI for providing quick and easy credit to MSMEs, small industries, small businessmen, and people at the bottom of the pyramid. “Today, you have a very good ecosystem with Aadhar, Digilocker, and UPI to take on the challenge.  Work on the challenge for the next three months, then come back and I will spend the entire day with you looking over the concepts you have brought,” he said.

“The performance of India in the digital payment space is the envy of nations around the world that thought they were ahead in technology and innovation,” said Rajeev Chandrasekhar, MoS, MeITY, Skill Development, and Entrepreneurship.

MeitY Secretary Ajay Sawhney emphasized the vision of making India a cashless society. MeitY also acknowledged the role of payment system aggregators in onboarding street vendors under the PM SVANidhi Scheme.

The event saw the launch of innovative solutions such as: 

Payments on the go: Wearables are redefining true paperless contactless payments and catalysing them even further. Rupay-on-the-Go was launched by Bank of Baroda and City Union Bank. 

Credit cards for all: Credit cards are the next big thing in fintech, and contactless is truly the way forward. To drive it to the next level, India Post Payments Bank-Punjab National Bank, Kotak Bank, YES Bank, Indian Overseas Bank, ICICI Bank, Indian Bank, Bank of Maharashtra, and City Union Bank launched Contactless Credit cards on the RuPay network. 

Empowering small merchants: India has approximately 1.5 million retail/kiryana stores. Union Bank announced the release of an Android-based SOFTPOS mobile app for point of sale, which will aid in the adoption of digital payments.

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