National

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

A letter from the Editor


Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.