On February 18, 2021 Dr Arun Kumar Mehta, IAS, Financial Commissioner, Finance Department, Govt of Jammu and Kashmir(J&K) formally launched e-Kuber payments system of Reserve Bank of India(RBI) in J&K.
i.J&K is the 1st Union Territory to implement version 2.9 of e-Kuber payments system
ii.The system will be initially e implemented in the Civil Secretariat treasury on pilot basis and shortly will be launched in for other treasuries.
Highlights of e-Kuber payments system:
Replace– It will replace the existing system for all types of Government payments including employee’s salaries and pensioner’s pensions
Capability– It is capable of making 50,000 transactions at a time.
Access– The e-Kuber payment platform can be accessed by Treasury Net, all treasuries through a web-based integrated system.
No need for an intermediary bank– All financial transactions related to the government will be dealt directly with RBI without any intermediary bank.
i.It enables that beneficiaries receive the payment without delay and also eliminate the risk of paper vouchers being lost in transit.
ii.The fully automated process flow in this model ensures that the end-to-end message processing, accounting, generation and dispatch of scrolls is done seamlessly.
What is E-Kuber?
i.E-Kuber is the Core Banking Solution (CBS) platform of RBI.
ii.It enables each bank to connect their single current account across the country.
iii.G-Secs are issued through auctions conducted by RBI on E-Kuber
Recent Related News:
On August 18, 2020, the Reserve Bank of India (RBI) released a draft framework for grant of recognition to an industry association as a Self-Regulatory Organisation (SRO) for Payment System Operators (PSOs). This draft framework is released on the lines of an announcement in the Statement on Developmental and Regulatory policies issued as part of the Monetary Policy statement dated February 6, 2020.
About Jammu & Kashmir:
Bird sanctuary– Hokersar bird sanctuary
Forts– Bahu Fort, Hari Parbat Fort, Akhnoor Fort, Ramnagar Fort