Thu 23rd of November 2017
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Prime Minister Narendra Modi launched the —a merchant interface linking the unique identification number to the Bharat Interface for Money mobile application on the 126th birth anniversary of Dr B.R. Ambedkar.
Like Dr Bhimrao Ambedkar worked to give rights to the common man through the Indian Constitution, one can expect the BHIM app to do similarly great work through the financial system.
The new interface will
The merchant merely has to download the BHIM app on his smartphone and link the device to an Aadhaar biometric reader.
Any citizen without access to smartphones, Internet, debit or credit cards will be able to transact digitally through the BHIM-Aadhaar platform.
To avail of this service, a customer has to first link his bank account to his Aadhaar number. To make a payment, all he has to do is select the bank’s name and enter the Aadhaar number. His fingerprint will serve as the password to authenticate the transaction.
To start with, no transaction fee will be levied on either the merchants or customers to encourage adoption of the new digital payment service, especially in small towns and rural India.
The government statement said 27 major banks had already tied up with 300,000 merchants for accepting payments using BHIM-Aadhaar. It went on to add that all public sector banks have been instructed to go live with Aadhaar Pay.
Under the referral bonus scheme, an individual will earn Rs10 for every new referral made—i.e., educating another person or merchant about the BHIM app and ensuring that they carry out three transactions using the same.
The new upgrade is aligned to facilitate government’s initiative of launching customer referral bonus and merchant incentive schemes. Three new languages—Punjabi, Marathi and Assamese—have gone live on the app.
It was one of several measures aimed at promoting digital transactions in the aftermath of the 8 November demonetization of high-value banknotes, which triggered a nationwide cash crunch.
Prelims Question of the Day
With reference to 'Natural Rate of Unemployment', consider the following statements.
1. It is the level of unemployment in an economy that is just consistent with a stable rate of Inflation.
2. It is the unemployment that prevails when all markets in the economy are in equilibrium.
(a)1 and 2
(d)None of the above
Mains Question of the Day
1.GS-No party in power can afford to ignore Directive Principles of State Policy. Comment.(200 Words)
2.Political Science - Explain the role of non state actors, like IMF, World Bank, European Union and MNCs, in modulating and transforming the broad dynamics of international relations. (250 Words).
3.SOCIOLOGY - What is the impact of Globalization on the structure and mobilization of the working class in India? (250 Words).