Digital India initiatives will change banking and finace industry, says George Antony

V. Sajeev Kumar Kochi | Updated on January 20, 2018 Published on March 02, 2016

‘It lays the foundation for paperless economy’

Digital India initiatives have received the deserved attention in the budget speech with a lot of long-term plans to bring in quality, transparency and efficiency in the whole system, according to V George Antony, Managing Director, UAE Exchange, India.

The digital benefits announced in the budget are not short-term plans bearing immediate fruits, but will bring in the desired results in the years to come.

“All we need is to have patience and confidence in the government,” he said while speaking at the post budget analysis organised by CII and PwC.

Aadhar linkage

Citing measures to take Aadhar as a common ID, he said the move will change the banking and finance industry and reduce NPA issues, which the banking sector currently faces. It will allow banks to know about the credit and revenue history of each customer, which is the basic parameter to offer credit.

With the introduction of the Bill for targeted delivery of financial and other subsidies, benefits and services using Aadhar network, he said only deserving people would get subsidy and it eliminates pilferages. Likewise, the direct benefit transfer for fertiliser would provide convenience to genuine farmers.

Paperless economy

The digital depository for school leaving certificates, college degrees, academic awards and mark sheets will create a paperless economy, when fully implemented.

The expansion in the scope of e-assessments in seven cities in the coming years would make the life simpler for people and tax authorities and this would enable all qualifying into the tax net.

The setting up of a financial data management centre will also be a game changer to manage finance in an easy and transparent manner, he said, adding that the Unified Agricultural Marketing ePlatform for wholesale markets would remove middlemen and fetch a better price for farmers for their produce.

Published on March 02, 2016

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