Prime Minister Narendra Modi has unveiled e-Rupi, a financial mode of payment two weeks before India's 75th Independence Day celebrations.
Addressing the RBI Governor, Union Cabinet members, Chief Secretaries of States and Indians, he said that the government, general institutions and organizations would be able to make payments via e-RUPI instead of cash.
Previously, a similar exercise to remove cash from the economy was conducted in the form of a demonetisation in the year 2016.
Prime Minister Narendra Modi in his speech also gave several examples on how organizations and individuals can use the e-Rupi to transact. Here are the top-10 examples:
"Not only the government, if any general institution or organization wants to help somebody for treatment, education or for any other work, it would be able to make the payment through e-RUPI instead of cash. This will ensure that the money given by it will be used for the purpose for which that amount was given. In the initial phase, this scheme is being implemented in the health sector of the country."
Image: All images are attributed to the Press Information Bureau.
Text: Sify, Finance Desk.