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Draft Proposals for Facilitating Electronic Transactions

Start Date :

Jun 16, 2015

Last Date :

Jun 29, 2015

17:00 PM IST (GMT +5.30 Hrs)

Submission Closed

The Finance Minister in his budget speech for the Union Budget 2015-16 made the following announcement: ...

The Finance Minister in his budget speech for the Union Budget 2015-16 made the following announcement:
“One way to curb the flow of black money is to discourage transactions in cash. Now that a majority of Indians has or can have, a RUPAY debit card. I therefore, proposes to introduce soon several measure that will incentivize credit or debit card transactions and disincentivize cash transaction”.
Accordingly, draft proposals for facilitating electronic transactions (E-transactions) have been prepared. Comments and views are invited on the Draft Proposals.
Draft Proposals For Facilitating Electronic Transactions (The Proposals placed below are only at the draft stage and are being placed here to obtain public opinion. The proposals as they stand at this stage, do not imply any commitment from the government)
The last date to share your views is 29 June, 2015 by 5:00 p.m.

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Pratap R Reddy 11 years 3 weeks ago

Certification: It is also not out of place that the necessary certifications squarely depend on the co-operation of the scheme owners and their global allocation of date, which is more often, serial not concurrent for each of the member bank by each of the scheme owner. In the scenario of a plug n play payment hub, if such hub is certified once for all, the interfaces at either end - with the (downstream of) end client and (upstream end of) scheme owner should be a ‘mini’ certification;

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s p gupta_1 11 years 3 weeks ago

In india cost of any activity is a very important factor. People avoid such methods which may cost them. To make use of debit and credit cards popular it is enough if these are made absolutely free and no transaction charge is levied on transactions made through debit or credit cards in online as well as pos transaction by all govt. or private institutions of business entities. Just make it absolutely free and mandatory for all shops/institutions to accept it.

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Pratap R Reddy 11 years 3 weeks ago

That is the right approach given the scenario that the number of participating scheme owners may go up by adding prospective players like CUP (China Union Pay), Discover etc., and new business streams – like Bill Payments may be required to be added in the nearer future. Otherwise, each bank having an interface with each scheme owner not only pullulate the avoidable complexity of connectivity but also drain the money and more importantly the invaluable time.

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Pratap R Reddy 11 years 3 weeks ago

Payment Hub to enable Plug n Play : The concept of plug n play should be implemented by establishing a payment hub as envisaged by RBI’s vision document 2012 (2.2.16) as a middleware.

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Pratap R Reddy 11 years 3 weeks ago

For those areas where the literacy levels are very poor we can prompt them to select an ICON based PIN which can be mapped at the backend so that they will not feel any inconvenience to operate the front end acceptance device which is equipped with such Overlay of ICONs in addition to the regular Numerals.

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Pratap R Reddy 11 years 3 weeks ago

AADHAR based authentication: Aadhar shall be used as a proper identification for issuance of cards; but, any such identification for authentication at the time of transaction will waste time and spiral infrastructural and processing costs. Most of the Indian population are able to use the mobile phones in spite of their low literacy levels. Perhaps, they are at ease to use the numbers with greater facility when compared to any alphabet.The present PIN based authentication or OTP are adequate.

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Pratap R Reddy 11 years 3 weeks ago

Transparent fee structure and single comprehensive manual by scheme owner: The scheme owners have created a hugely impenetrable fee structure and mandates therefor scattered over several manuals thus making the banks docile golden ducks. It shall be mandated that they should collate all such fee structures into one comprehensive manual and any changes shall be cleared by the regulator and shall be prominently published periodically.

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Pratap R Reddy 11 years 3 weeks ago

Nodal department in PSU banks to avoid delay: The current multitude of departments of Public sector banks each one handling retail banking, ATMs, Pos, E-commerce, Mobile commerce has created a labyrinth of indecisiveness and bureaucratic delay. Therefore, all electronic transactions shall be brought under one nodal agency who shall be made liable and accountable for speedy implementation and time lines.

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Pratap R Reddy 11 years 3 weeks ago

As in China, Kuwait or South Korea etc. Why should not all the participating banks along with a telecom behemoth like BSNL form a company and usher in a less-cash society in India? They can work out a better pricing mechanism also.

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Pratap R Reddy 11 years 3 weeks ago

In one word, one ‘settlement bank’ for one area. There are ways and means to avoid lopsided deployment and avoiding unwanted duplication of deployment of revenue assets as any such duplication is a sheer waste of banks’ investment. Again, by mandating the interchange rates and fees, there will not be any undercutting by rival banks which is being thoroughly exploited by merchants as on today.

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