Penetration of E-Transactions in Odisha: Issues, Challenges and the Way Forward
The IUP Journal of Information Technology, Vol. XII, No. 3, September 2016, pp. 7-50
Posted: 12 May 2017
Date Written: 2016
With the phenomenal developments in the field of digital revolution taking off at an exponential pace, in recent times, most of the industries, including banking and financial services sectors, have been influenced in some way or the other. While the entire world talks about the technological pillars like Big Data Analytics, Cloud Computing and Internet of Things (IoT), which have had a major role in transforming the global economy into a digital economy, the Central Banks of some major economies have not stayed back in the race of leveraging technology in order to automate their day-to-day functioning. This paper intends to explore the area of payment and settlement systems of Reserve Bank of India in general and e-transactions involving the State Governments in particular. It includes a brief introduction to the Core Banking System of RBI, i.e., e-Kuber and the Cyber Treasury portal, i.e., Integrated Financial Management System (IFMS) of the state of Odisha. It also includes details about the e-receipts and e-payments concerning Government’s transactions and brings forward the issues involved therein. As retail payment channels like Internet banking, mobile banking and digital wallets have begun taking shape in the last few years, and RBI being the regulator/overseer has set out certain norms that need to be adhered to, a survey was conducted to identify the factors considered as most important in the adoption of e-banking services from the citizens’ perspective. The areas of concern that needed prime focus of the regulator have been pointed out, following which there are certain recommendations that could be implemented in order to ensure better realization of the objectives set out in the payment and settlement systems vision document 2012-15.
Keywords: Reserve Bank of India, e-Transactions, e-Receipts, e-Payments, Internet banking, Mobile banking, Digital wallets
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