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06/12/2021 12:10pm

IT Minister Vaishnaw asks bankers to develop UPI type platform for extending easy credit to MSMEs

image IT Minister Vaishnaw asks bankers to develop UPI type platform for extending easy credit to MSMEs

New Delhi, 6 Dec (KNN) Ashwini Vaishnaw, Union Minister for Communications, Electronics & Information Technology attended the weeklong showcase of India's achievements in digital space titled ‘Azadi ka Digital Mahotsav’ in New Delhi on Sunday.

While speaking at the event the IT Minister focused on MSMEs, and urged the bankers to create a platform as powerful and seamless as the UPI for providing quick and easy credit to the small industries, small businessmen and people at the bottom of the pyramid, said the official release.

“Bankers have today a very good ecosystem of Aadhar, Digilocker and UPI to take up the challenge. Work on the challenge for the next three months, come back and I will work the whole day with you to look at the concepts you have brought,” he said.

Rajeev Chandrasekhar,  Minister of State for Electronics & Information Technology and Skill Development and Entrepreneurship delivered a special address recognising the efforts of the BFSI & Fintech players for making the dream of a less-cash, digitally empowered and AatmaNirbhar Bharat a reality.

The event saw the launch of innovative solutions such as, Payments On the Go wherein Wearables are re-defining the true paperless contactless payments, catalysing them further, Bank of Baroda and City Union Bank launched Rupay-on-the-Go, said the press note.

The 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.

Union Bank announced an android-based SOFTPOS mobile app for point of sales, which will further the cause of digital payment adoption.

The event was held at the India Habitat Centre witnessed the unveiling of the DIGIDHAN logo, launch of an awareness campaign called Digital Payments Sandesh Yatra with digital payments anthem titled ‘Chutki Baja ke’ (cashless, touchless, paperless).

Top Banks and Fintechs were awarded & recognized in various categories for their achievements in FY 2019-20 and FY 2020-21 towards the promotion of digital payments. During the event, MeitY also recognised the contribution of four payment system aggregators for onboarding street vendors under the PM SVANidhi Scheme.


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