To boost digital transactions in the nation, Finance Minister Nirmala Sitharaman announced a slew of measures for the economy.
Addressing a press conference on Saturday, Nirmala Sitharaman launched eBkry (framework for promoting online auction of assets attached by the banks). It is also equipped with the property search features and contains navigational links to all PSBs e-auction sites. The framework aims to provide single-window access to information on properties. eBkry also contains photographs and videos of the properties uploaded on the platform.
The cabinet leader also held a meeting with the bankers earlier and assured them of protection for prudent commercial decisions. It was also reported that top-level bureaucrats such as Finance Secretary, Revenue Secretary, Economic Affairs Secretary, Electronics and Information Technology Secretary, CBI Director, RBI representative, and the chief executive officer of NPCI were also present in the meeting.
The meeting was also attended by the chiefs of various public sector banks (PSBs), chief executive of Indian Banks’ Association and representatives of leading private sector banks.
Previously, the Finance Minister had announced various SOPS in her budget speech of 2019-20 for taking India towards the digital economy. She had said that the business establishments with an annual turnover of Rs. 50 crore shall offer low-cost digital modes of payment to their customers. These modes of payments will be including BHIM UPI, Aadhaar Pay, Debit cards, NEFT, and RTGS. Also, there will be no charge or Merchant discount rates (MDR) on customers as well as merchants.
According to the official statement, the Department of Revenue will notify the RuPay and UPI as the prescribed mode of payment. The statement further added that extensive reforms will be carried out by the government to revive the banks.
For addressing the capital requirements of the MSME sector, Public Sector Banks are offering up to 25 percent enhancement in working capital limits for standard MSME accounts as a Standby Line of Credit. PSB’s had also launched an MSME outreach initiative for the restructuring of stressed standard assets.