Gyan Sangam Ripple-Electronification of Bank Payments in India
The word ‘Electronification’ refers to conversion of a paper based transaction to an electronic transaction. The paper can be physical cash or a banker’s instrument like Cheque/Demand Draft. As a step towards Safe Transactions, India's Central Vigilance Commission way back in 2004 has advised all institutions under its jurisdictions to switch over to ECS/EFT mechanism instead of payments through cheques/demand drafts. One of key takeaways for Public Sector Banks from Gyan Sangam 2015 is to digitize top 30 processes of the banks. In the top 30 process, one process which has to be included is processing payments to Vendors/Suppliers/Agencies/Utility Provide...