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PM Modi launches new UPI mode eRUPI, know everything in 10 points

PM Modi has launched a new digital payment mode eRUPI. This is a new form of UPI transaction. It works like a gift voucher. If you have used Sodexo coupons, then eRUPI can be said to be an updated version of the same. It will continue to be used for specific purposes such as direct to benefit.

What is e-RUPI

The new e-RUPI service is a kind of prepaid voucher service, with the help of which the money of the schemes is sent directly from the bank to the beneficiaries. Meaning if the government will send e-RUPI voucher to fill LPG, then only gas cylinders can be filled with it. After the start of this service, the money will not be sent to the beneficiaries in the form of cash. The eRUPI voucher will be sent to the beneficiary through QR code or SMS based e-voucher.

How e-RUPI will work

The e-RUPI vouchers will be issued across 11 banks across the country. This is a prepaid voucher and will act like a demand draft. Once the voucher is issued, an e-RUPI voucher will be issued to the beneficiary through a QR code and SMS. QR code and SMS voucher will be issued to an individual only once.

No need for bank account

The money of the schemes will not be used wrongly

e-RUPI vouchers can be issued for a specific purpose such as vaccines and medicines. It cannot be misused.

Soon this service will be available in eRupi

Schemes will be linked with the eRUPI card more quickly, which will help in reaching government and corporate schemes to more and more people.

Why e-RUPI is needed

The new payment system will help in reaching the poor and needy people. The government will directly help in expanding monetary support.

How e-RUPI will be issued

Government e-RUPI vouchers will be issued for the Welfare Service Scheme. Under the scheme, child welfare schemes, TV eradication programs, drugs and diagnostic schemes like Ayushman Bharat Pradhan Mantri Jan Arogya Yojana can be enjoyed.

Anyone can issue e-RUPI voucher

Any entity can issue e-RUPI vouchers. A private company can issue e-RUPI vouchers to its employees for services such as healthcare, education.

Which bank will issue e-RUPI

e-RUPI will be issued by 11 banks. Some banks will be able to issue e-RUPI vouchers. But will not be able to accept them. Major banks like State Bank of India, ICICI Bank, HDFC Bank, Punjab National Bank and other banks will be able to issue e-RUPI vouchers as well as redeem them to these banks.

SBI, ICICI Bank, HDFC Bank, Punjab National Bank, Axis Bank and Bank of Baroda will be able to fully support e-RUPI cards.

Canara Bank, IndusInd Bank, Indian Bank, Kotak Bank and Union Bank of India cannot issue e-vouchers.

Who created e-RUPI

Digital payment ecosystem e-RUPI has been launched in collaboration with National Payment Corporation of India (NPCI) as well as Department of Financial Services (DFS), National Health Authority (NHA), Ministry of Health and Family Welfare (MOHFW). It has been launched in association with State Bank of India, Punjab National Bank, HDFC Bank and ICICI Bank.

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