PM Modi launches e-RUPI digital payment platform

Prime Minister Narendra Modi on Monday launched e-RUPI, an electronic voucher-based digital payment solution, via video conferencing. The Prime Minister said that e-RUPI is a futuristic reform. It will give "a new face to digital governance in India". "In the beginning, it will be applicable on health beneficiaries.  People who want to take vaccines from private centres, by paying... if someone wants to help around 100 poor people with the vaccination, they can give e-RUPI voucher to them so the money is used only for that purpose," the Prime Minister said. “e-RUPI vouchers are purpose-specific. It will ensure that the benefits of the voucher are availed for the service it is meant for. e-RUPI voucher is going to play a huge role in making DBT more effective in digital transactions in the country. This will help everyone in Targeted, Transparent and Leakage Free Delivery,” he added.

e-RUPI is a person-specific and purpose-specific payment system that will ensure that the benefits reach its intended beneficiaries in a targeted and leak-proof manner. The e-RUPI platform has been developed by the National Payment Corporation of India (NPCI), Department of Financial Services,  on its UPI platform. Ministry of Health and Welfare and the National Health Authority. A statement released by the Prime Minister’s Office (PMO) said e-RUPI is a cashless and contactless instrument for digital payment. The statement added that it is a QR code or SMS string-based e-voucher, which is delivered to the mobile phones of beneficiaries.

The launch of e-RUPI is in line with our efforts to make India a leader in Fintech and leverage technology to boost 'Ease of Living.' pic.twitter.com/NGsWfJepZX

— Narendra Modi (@narendramodi) August 2, 2021

Many banks have been onboarded for issuing e-RUPI vouchers. Corporate and government agencies will have to approach partner banks — both private and public-sector lenders — with the details of beneficiaries and the purpose of the payment. As of now, there are a total of 11 public and private sector banks that will support this new payment mode. State Bank of India (SBI), ICICI Bank, HDFC Bank, Punjab National Bank (PNB), Axis Bank and Bank of Baroda will provide both issuance and redemption facilities for e-RUPI coupons. Meanwhile, Canara Bank, IndusInd Bank, Indian Bank, Kotak Mahindra Bank and Union Bank of India will only issue e-RUPI coupons for now.