Azadi Ka Digital Mahotsav- Digital Payment Utsav_00.1
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Azadi Ka Digital Mahotsav- Digital Payment Utsav

Azadi Ka Digital Mahotsav- Relevance for UPSC Exam

  • GS Paper 2: Governance, Administration and Challenges- Government policies and interventions for development in various sectors and issues arising out of their design and implementation.

Azadi Ka Digital Mahotsav- Digital Payment Utsav_50.1

 

Azadi Ka Digital Mahotsav- Context

  • Recently, the Ministry of Electronics and Information Technology (MeitY) hosted a unique event ‘Digital Payment Utsav’ as part of the week-long ‘Azadi Ka Digital Mahotsav’.
    • The Azadi Ka Digital Mahotsav event was held at the India Habitat Centre.
  • Azadi Ka Digital Mahotsav event witnessed the unveiling of-
    • The DIGIDHAN logo,
    • Digital Payments Sandesh Yatra: an awareness campaign.
    • Digital payments anthem titled ‘Chutki Baja ke’ (cashless, touchless, paperless).

SAKSHAM Centres- Centre for Financial Literacy & Service Delivery

 

Azadi Ka Digital Mahotsav

  • About: ‘Azadi Ka Digital Mahotsav- Digital Payment Utsav’ is being held to celebrate the journey and rise of digital payments in India.
  • Participation: Azadi Ka Digital Mahotsav brought together leaders from the Government, banking sector, fintech companies and startups.
  • Objective: The Digital Payment Utsav aims to bring together players of the BFSI and fintech space under one roof for cooperation and innovation.
    • It also aims to celebrate their hard work and commitment towards the growth of digital payments backed up by constant innovation.
  • Parent Ministry: Ministry of Electronics and Information Technology (MeitY) is entrusted with the responsibility to organize Azadi Ka Digital Mahotsav.

COP 26: Key Takeaways

 

Azadi Ka Digital Mahotsav- Key Initiatives

‘Azadi Ka Digital Mahotsav- Digital Payment Utsav’ saw the launch of the following innovative solutions

  • Payments On the Go: Wearables are re-defining the true paperless contactless payments, catalyzing them further, Bank of Baroda and City Union Bank launched Rupay-on-the-Go.
  • Inclusive Credit for All: Credit cards represent the next big in fintech and contactless is truly the way forward. To drive it to the next level, 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.
  • Empowering Small Merchants: India has close to 1.5 crore retail stores/ Kiryana stores. Union Bank announced an android-based SOFTPOS mobile app for point of sales, which will further the cause of digital payment adoption.

 

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