Reiterating that India was heading towards a "premises-less and paper-less banking" system, Prime Minister Narendra Modi on Friday said that thumb impression now signifies digital reality.
"I thank the people of India for their continuous and determined support and participation in the movement towards digital transactions," the Prime Minister said in Nagpur while he launched BHIM-Aadhaar Pay app, a biometric-based payment system that will make paying with the help of thumb impression a reality - coinciding with the 126th birth anniversary of Dr Babasaheb Ambedkar, the chief architect of the Constitution. "Babasaheb Ambedkar wanted to build an India for all citizens and the BHIM-Aadhar is the strongest foundation for building a new economy of new India," he said paying tributes to Dr Ambedkar.
We are reaching a time when the mobiles phones will be where financial transactions will take place, he said, adding: "The mobile phone itself has become the bank...we are heading for a premises-less paper-less banking system."
"India is on its way to become a digital economy....time is not very far when every Indian, even the poorest, would say "DigiDhan Niji-dhan" (digital money is my money)...we all need money, but it is not necessary to be in the form of cash. More cash causes more problems. Less-cash is essential for a better society. Paperless currency is the future. It rids us of all sorts of problems," said Modi in his address at the NITI Aayog-organised event.
Speaking on the BHIM-Aadhaar App, the Prime Minister said that it is the first-of-its-kind and even several countries want to know how it works. "BHIM App is positively impacting several lives across the nation. Every country will jump to take up this system. BHIM APP will be a case study in foreign universities," he said.
"This DigiDhan movement is a Safai Abhiyaan. It is to fight the menace of corruption," Modi remarked, adding that the BHIM App is positively impacting several lives across the nation.
Modi also launched two new incentive schemes for the BHIM – Cashback and Referral bonus – with an outlay of Rs. 495 crore for a period of six months. Under the Referral bonus scheme both the existing user who refers BHIM and the new user who adopts BHIM would get a cash bonus credited directly to their account. Under the Cashback scheme the merchants will get a cashback on every transaction using BHIM.
Published 14 April 2017, 11:26 IST