Akodra is not alone in paving the way for India digital future. In the aftermath of the demonetization drive, several other villages have also taken the bold step of going cashless. Currently Cheap Jerseys From China , there are six villages, including Akodra, that have bravely gone digital 鈥?Dhasai in Maharashtra, Ibrahimpur in Telengana, Dharmasagaram in Tamil Nadu Cheap Jerseys China , and Basti of Maner, Bind Toli of Kurji and Patsa Village of Bihta, all in Patna.
As mentioned earlier, banks are playing a key role in heralding this digital revolution. ICICI Bank in Akodra, Bank of Baroda in the three villages in Patna and Andhra Bank in Ibrahimpur are working closely with local administrative bodiesto briskly implement changes necessary for this economic transformation.
While the end objective might be the same Cheap Jerseys , there are differences in the transaction models being implemented in these villages. For instance, the villagers of Akodra rely on mobile banking for their day to day transactions, while inIbrahimpur and Dhasai, all shops including provision stores, have been provided with point of sale (PoS) machines or EDC machines Wholesale Nike NFL Jerseys , so that everyday purchases can be made with the simple swipe of a card.
The Modi Government on its part has launched a number of initiatives to promote cashless transactions in both rural and urban India, noteworthy among which is the BHIM app. Named after Dr. Bhimrao R. Ambedkar, and based on the Unified Payments Interface (UPI), the BHIM app allows users to send and receive money to other UPI accounts or virtual addresses. The stand out feature that gives BHIM the edge over payment apps like Paytm andMobikwik is its ability to be linked directly to multiple bank accounts.
But how do these changes in the payment ecosystem really benefit the common man?
The Case for a Cashless Economy
Given how the RBI spends crores printing currency notes, cashless economies directly help in the reduction of the costs borne by the government. Besides, it decreases process and labour driven costs incurred in the operation and maintenance of numerous financial institutions.
Transparent taxation and book keeping
While there is no way to put a number to the black money centred transactions that are running in India, it is safe to say that it accounts for a significant percentage of the economy. Digitization makes transactions accountable Wholesale New NFL Jerseys , thereby obligating all parties involved to legitimize their transactions. This transparency can go a long way in mitigating corruption.
Banking for all
Despite the numerous drives that the government has championed, personal banking in India is far from being ubiquitous. However, mobile banking is likely to change this by bringing banks closer to the people. This way the focus can steadily shift from generating prototype transactions to actually nurturing prolific bank users in rural India.
Cashless villages like Akodra are a great example of how access to technology can bring about social and economic change. However, the dream of a truly cashless economy for India can only be accomplished in tandem with infrastructural developments in rural areas of India. But with mobile and internet penetration at an all-time high, we can honestly say that real change is just around the corner.
Author : The author of the post is Dibya Prakash. Dibya Prakash is a technology consultant Wholesale NFL Jerseys Online , strategist and mentor. He consults and mentors different enterprise teams on high-end & emerging technologies. More about him on LinkedIn.
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