Essay on e-RUPI | E-Rupi Essay | Essay on E RUPI Digital Currency in English for SBI PO, IBPS PO and Other Exams

Essay on e-RUPI | E-Rupi Essay | Essay on E RUPI in English for SBI PO, IBPS PO and Other Exams

Indian Government has already launched E Rupi on 2nd August 2021. After that essay on e-RUPI has become most important essay topics for all Competitive exams specially for banking exams like, SBI PO, IBPS PO, NABARD, SIDBI Grade A etc. Here we have written an essay on e-RUPI which will be helpful for your exam. Let’s see essay on E RUPI.

Essay on e-RUPI | E-Rupi Essay | Essay on E RUPI Digital Currency in English for SBI PO, IBPS PO and Other Exams

Essay on e-RUPI

On 2nd August 2021, Prime Minister Shri Narendra Modi launched digital payment solution e-Rupi which is a cashless and contactless instrument for digital payment. It is expected that the eRUPI voucher is going to play an important role in making Direct Benefit Transfer (DBT) more effective in digital transactions. It will also give a new dimension to digital governance in the country.

What is e-RUPI?

e-RUPI is basically a digital voucher. A beneficiary gets it on his phone in the form of an SMS or QR code.  It is a pre-paid voucher, which can be redeemed at any center that accepts it.


How e-₹UPI works?

E-RUPI is a digital voucher which can be issued by partner bank and redeemed at the center which accepts it. For example, if the Government issued an e-RUPI voucher through a partner to cover a particular treatment of an employee in a specified hospital, the employee will receive an SMS or a QR Code on his feature phone / smart phone and He/she can pay through the e-RUPI voucher received on his phone for the treatment he/she has availed. Download PDF of this essay: Click Here

Thus e-RUPI is a contactless, cashless voucher-based mode of payment the enable users to redeem the voucher without a card, digital payments app, or internet banking access.


Benefits of e-RUPI?

e-RUPI does not require the person to have a bank account, it works just like cash. It also ensures an easy, contactless two-step redemption process and does not require to share personal details of both the parties.

Transaction of e-RUPI is operable on basic phones also and so it can also be used by persons who do not own smart-phones. It also doesn’t require internet connection for redemption of e-Rupi.

Since e-Rupi is a digital voucher and so there is no need for physical issuance of vouchers resulting in some cost savings as well.

Development of e-RUPI and Issuing banks

The National Payments Corporation of India (NPCI) oversees the digital payments ecosystem in India. NPCI has launched e-RUPI, which is a voucher-based payments system to promote cashless transactions.

e-Rupi has been developed by NPCI in collaboration with the Department of Financial Services, Ministry of Health & Family Welfare and National Health Authority.

Initially NPCI has partnered with 11 banks for e-RUPI transactions namely Axis Bank, Bank of Baroda, Canara Bank, HDFC Bank, ICICI Bank, Indian Bank, IndusInd Bank, Kotak Mahindra Bank, Punjab National Bank, State Bank of India and Union Bank of India and acquiring Apps namely Bharat Pe, BHIM Baroda Merchant Pay, Pine Labs, PNB Merchant Pay and YoNo SBI Merchant Pay. It is expected that more banks and acquiring Apps will join the e-RUPI initiative soon.

Initially NPCI has tied up with more than 1,600 hospitals where e-RUPI can be redeemed. Other ground level initiative has also been taken to make this initiative successful. It is expected by experts that in the coming days user base of e-RUPI will widen and even private sector using it to deliver employee benefits and MSMEs adopting it for Business To Business (B2B) transactions.

Hope you liked this essay on e rupi and it helped you in your exam preparation. You download PDF of this essay from here.

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