Paytm Payments Bank Launched: Here’s What It Means for You

Paytm Payments Bank Launched: Here's What It Means for You
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Paytm Payments Bank Launched: Here’s What It Means for You

 

Tuesday Paytm announced the launch of its payment bank in India with a public notice in newspapers and a blog. This comes after months of delays, but according to the notice, the company’s Paytm portfolio is transferred to the newly formed entity, Paytm Payments Bank Ltd (PPBL). Paytm was ready to begin operations throughout the past year Independence Day.

In 2015, the RBI has granted approval, in principle, the founder Vijay Shekhar Sharma to set up a payment bank with 10 other people. So far, apart from Paytm only Airtel got its bank payment execution.

All Paytm portfolio accounts will be automatically transferred to new bank payments. If you do not want to continue with the bank, you need to unsubscribe by sending an email to or visiting help@paytm.com paytm.com/care to withdraw and change your balance by transferring your bank account.
Your account will remain a PPBL account portfolio, not a bank account. Inactive accounts for six months and that have a balance of zero will be transferred to PPBL there are no options. In addition to the wallet account, you can also open a Paytm bank payment or checking account. Although both have the same connection, it is necessary to open a separate bank account.
Paytm accounts are being deployed in beta for employees and associates. Other people may also request an invitation to become account holders at the bank. These accounts have a limit of Rs. 1 lakh per customer, and they are different portfolios as they can offer debit and interest cards.
For a Paytm bank account, you must visit the Paytm Bank page and click Request an Invitation. To do this you will need to log in to your Paytm account, and once you do, you automatically register your interest in being an account holder.
If the transfer of more than Rs. 25,000 in your Paytm bank account, you will receive a refund of Rs. 250 (1%), up to four times.
There is no minimum balance in the bank account. In addition, online transactions (such as IMPS, NEFT, RTGS) will have no charge.
One big difference between a portfolio and a paying bank is that it can offer an interest. Paytm pay 4% per year. This is below the 7.5% interest payment offered by the Airtel bank, and in line with what is obtained from the Axis, ICICI and HDFC.
On the other hand, unlike the portfolios, payment banks can offer debit cards (but not credit). According to the Paytm website, physical services such as a check book, debit cards and projects will be available from Paytm bank payments at a low price. Interestingly, Airtel offers no physical debit card, virtual, but to use online.
The bank will issue a Paytm Rupay debit card, which will be free but will be charged Rs 100 + shipping costs at annual rates. A lost card replacement will also be Rs. 100 + delivery. A checkbook of 10 sheets also cost Rs. 100 + shipping costs.
Paytm does not have its own ATMs. However, the debit card can be used free of charge five times in a non-meter or three times in the meter subway stop. Then there will be an Rs. 20 Cost of withdrawing cash, while other operations, such as check balances, will cost Rs. 5.

Prime Minister Modi’s Good Governance Initiatives

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Introduction

Prime Minister Narendra Modi is well known in India and across the globe as a leader who is totally committed to development and good governance. Narendra Modi’s com­mitment to a development Agenda, rising above all other political consi­derations ushered in a paradigm shift towards pro-people and pro-active good governance.

The Bharatiya Janata Party (BJP) and its allies fought the 2014 Lok Sabha elections on the plank of good governance and development. The country gave the party an overwhelm­ing mandate and people believed in the vision and Narendra Modi’s promise of better quality of life and a better tomorrow.

His election-time slogan ‘Less government, more governance’ does not indicate a withdrawal of the state from its customarily important role in the Indian economy. Rather, his guiding philosophy appears to be that the state will continue to pay a major role, but that his government will do a better job of delivering on governance.

Meaning of Good Governance

Good governance is an indeter­minate term used in international development literature to describe how public institutions conduct public affairs and manage public resources. Governance is “the process of decision-making and the process by which decisions are implemented (or not implemented)”. The term governance can apply to corporate, international, national, local gover­nance or to the interactions between other sectors of society. The concept of ‘good governance’ often emerges as a model to compare ineffective economies or political bodies with viable economies and political bodies. The concept centres on the responsi­bility of governments and governing bodies to meet the needs of the
masses as opposed to select groups in society.

Concepts such as civil society, decentralisation, peaceful conflict management and accountability are often used when defining the concept of good governance. The definition of good governance promotes many ideas that closely align with effective democratic governance. Not surpris­ingly, emphasis on good governance can sometimes be equated with promoting democratic government. According to the UNDP, governance can be seen as the exercise of eco­nomic, political and administrative authority to manage a country’s affairs at all levels. It comprises the mechanisms, processes and institu­tions through which citizens and groups articulate their interests, exercise their legal rights, meet their obligations and mediate their diffe­rences. Good governance is, among other things, participatory, trans­parent and accountable. It is also effective and equitable, and it pro­motes the rule of law. It ensures that political, social and economic prio­rities are based on broad consensus in society and that the voices of the poorest and the most vulnerable are heard in decision-making over the allocation of development resources. Generally, public involvement includes three elements or ‘pillars’:

  1. Public access to information;
  2. Public participation in decision­making processes;
  3. Public access to judicial and administrative redress often termed ‘access to justice’.

It promotes openness of govern­ment action, decision-making pro­cesses, and consultative processes among public sector and all stake­holders. These processes are subject to scrutiny by other government institutions, civil society and external institutions. Good governance leads to a number of positive consequences, including:

  • People trust your organization.
  • You know where you’re going.

0 Your board is connected to your

membership and stakeholders.

  • You get good decisions; people

value your work.

  • You have the ability to weather

crises.

  • Financial stability.

Modi and Good Governance

The Prime Minister Narendra Modi is a ‘wildcard’, an ‘unknown quantity’ to his counterparts in Washington, Beijing, Paris, Germany and Canada. At home, Modi has worked to convey an image of political strength : showcasing his ability to drive growth through the Gujarat model, making commitments to create jobs and work for the poor, promising to tackle corruption, signalling a path for greater foreign investment, and more. In India and outside, there are great expectations from Modi. For now, India’s tech- savvy prime minister has shown he is a proactive leader—a visible head of government who tweets his thoughts and experiences daily. But despite his convincing victory in the elections, there are still those who fear for the future of minority groups in India: who question the road forward for freedom of speech and the press; and who worry about the practice of crony capitalism.

The Prime Minister Narendra Modi’s government has decided to conduct a study to assess impact and bottlenecks in the implementation o: good governance initiatives and bes: practices being followed in the state? and at the Centre. Prime Minister Narendra Modi had in July 2014 launched a website ‘www.mygov.in’ tc help citizens contribute in gover­nance by giving their opinions anc views on important issues like clean Ganga, clean India, skill develop­ment, job creation and girl chile
education among others. The Ministry of Personnel, Public Grievances and Pensions has decided to engage a consultant to conduct research and evaluation study on good governance initiatives.

Modi’s Independence Day add­ress to the nation was expected to give a clearer picture of his policy priorities. The issues he did empha­size—sanitation and the societal treatment of women and girls are particularly important in India, and were widely praised and appreciated. Economics did find a mention in that Modi outlined a vision of India manufacturing rather than importing the goods she needs. India could become an export hub as a side benefit, but the essential underlying message seemed to be : why buy something abroad when it can be made here. Now this could be inter­preted two ways. One, as recognition that India has been a difficult place for manufacturers, and as a sugges­tion that his government planned to do something about it. Alternatively, as a statement that India would follow Japan, South Korea, Singapore and China in choosing and support­ing specific industries—an industrial policy, in other words.

According to Modi, “Mere good governance is not enough; it has to be pro-people and pro-active. Good governance is putting people at the centre of development process. ‘Citizen-First’ is our mantra, our motto and our guiding principle. It has been my dream to bring govern­ment closer to our citizens, so that they become active participants in the governance process.”

  • Point Development Model
  1. Education & Job Opportunities for Youth: IITs, IIMs and AIIMS in all states.
  2. Children & Women’s Empower­ment: Beti Bachao Programme.
  3. Urban Development / Infra­structure: 100 smart Cities, Twin City Concept, Satellite Cities, Interlinking rivers, Golden Quadrilateral of bullet trains.
  4. Inflation/Price Control : Price Stabilisation Fund, Special courts for black marketers. ■
  1. Agriculture Reform: Data bank for Agri Produce, National Agriculture Market.
  2. Health Care for All: Preventive health care.
  3. Federal Structure: Addressing regional aspirations.
  4. Anti-Corruption Measures: Bring Back Black Money Stashed Abroad.

Modi’s Brand India

Brand India focuses on 5-Ts :

  1. Talent
  2. Trade
  3. Tradition
  4. Tourism
  5. Technology Rainbow of India

Work on a seven-point ‘rainbow’ principle:

  1. India’s Culture
  2. Youth Power
  3. Women Empowerment
  4. Agriculture
  5. Natural Resources
  6. Democracy
  7. Knowledge

Another aspect of Narendra Modi’s approach to governance has been his adherence to Gandhiji’s principle of Swaraj. Mahatma Gandhi was a believer in the importance of self-government and believed every village must be empowered to deal with local issues. Narendra Modi took concrete steps towards fulfilling Bapu’s dream by making local self- governments more effective. He made decentralization a basic pillar of his governance model and ensured adequate powers were given to people. The decentralization of administration up to the sub-district (taluka) level has made growth speedier, more effective and trans­parent as well as citizen centric. Every taluka now makes plans according to its requirements and challenges, and accordingly carries out focused implementation of deve­lopment schemes for higher benefits.

Red tape and harassment by the middle man, which was a major hurdle for people in small towns and villages, is curtailed. People, espe­cially farmers had to travel long distances, but can now avail easy
access to services. This approach is innovative, proactive and in tune with needs of the region and has defined the socio-economic life of villagers.

Another fascinating innovation by Narendra Modi is the adoption of the concept of a ‘Samras Gram’. Sometimes, panchayat elections can be acrimonious and the ensuing bitterness can lead to impediments in development works. In order to prevent such obstacles, he identified the need to build consensus around development. Under this initiative, villages, which select a Sarpanch by consensus, receive monetary rewards and encouragement.

Initiatives of the Prime Minister Modi

  1. Pradhan Mantri Jan Dhan Yojana : Narendra Modi launched his mega pet project, the Pradhan Mantri Jan Dhan Yojana. The Jan Dhan Yojana aimed to make available formal banking to 1 crore people and provided accident insurance cover to ‘1.5 crore people’. The initiative also aims to provide bank accounts to 100 crore people in the next one year. Narendra Modi had mentioned the National Mission on Financial Inclusion titled, ‘Pradhan Mantri Jan Dhan Yojana’ (PMJDY) in his first Independence Day speech on August 15, 2014. According to the reports, 5.29 crore bank accounts have been opened and f T78 crore debit cards have been issued so far under the Jan Dhan Yojna. ,
  2. Swachch Bharat Abhiyan : In

a symbolic way, Narendra Modi launched Swachch Bharat Abhiyan on the birth anniversary of Mahatma Gandhi. The motive of the mission is to make India a cleaner and greener place.

PD/June/2016/83/6
‘Time in its aging course teaches all things.’
  • Make in India : Inviting global companies to India, Narendra Modi launched his campaign ‘Make in India’. The initiative has been taken to boost the economy of the country by inviting global companies to invest in the Indian market. Modi first mentioned the words ‘Make in India’ during his maiden speech as PM on Independence Day. As the NDA government has eased the foreign direct investment cap in several areas like construction,

defence and the railways, the pro­gramme gives international com­panies easy access to the Indian market.

  1. Scrapping of Planning Com­mission : On Independence Day, Prime Minister Narendra Modi announced that the 64-year-old Planning Commission would be replaced by a new institution. Plan­ning Commission had been accused of being insensitive towards the problem of the states. The motive behind scrapping planning commis­sion and establishing NITI Aayog is to increase the involvement of state governments in decision making process. It remains to be seen whether the new think-tank makes state government equal partners with centre or not.
  2. Mann Ki Baat: Narendra Modi always tries to reach out to the people. Even before he became the Prime Minister, he always used to try to connect with people through social platform. After Indira Gandhi, Modi became the first PM to address the people on radio. Narendra Modi started programme ‘Mann Ki Baat’ to reach out to the rural as well as the urban population. Through his speeches aired during ‘Mann Ki Baat’, Modi conveys his thoughts and messages directly to the countrymen. The initiative is unique as it clearly indicates that the PM of the country is concerned about people. It also conveys the message that the PM is not out of the reach and tries to understand the problems of masses.
  3. MyGov : Aiming to get the feedback of people about the government, Narendra Modi laun­ched a web portal ‘MyGov’. MyGov (mygov.nic.in), a technology-driven medium that will provide citizens an opportunity to contribute towards good governance. It aims to help citizens contribute in governance by giving their opinions and views on important issues. The web portal is focused on six main issues as of now- Girl Child Education, Clean India, Skilled India, Digital India, Clean Ganga, and job creation. It has not limited itself to mere discussions but people can also upload documents, case studies, pictures, and videos which will be monitored by National Infor­matics Centre.

e-governance

PM Modi calls for Digital India to improve governance : PM Modi underlined the need for using infor­mation technology to improve gover­nance and spread education and medical facilities. Several dimensions and factors influence the definition of e-governance or electronic gover­nance. The word ‘electronic’ in the term e-governance implies techno­logy driven governance. E-gover­nance is the application of Informa­tion and Communication Technology (ICT) for delivering government services, exchange of information communication transactions, integra­tion of various stand-alone systems and services between government-to- customer (G2C), government-to-busi- ness (G2B), government-to-govern- ment (G2G) as well as back office processes and interactions within the entire government framework. Through e-governance, government services will be made available to citizens in a convenient, efficient and transparent manner. The three main target groups that can be disting­uished in governance concepts are government, citizens and businesses/ interest groups. In e-governance there are no distinct boundaries.

Minimum Government, Maximum Governance

For decades, we have had extra­ordinarily large governments while ironically the quality of governance has been quite poor. There has been more attention paid to the size of the government and not so much to its quality. Thus, Narendra Modi’s model of a small yet efficient government stands out. Narendra Modi believes that the role of a Government in businesses should be limited to that of a facilitator. Narendra Modi has translated his beliefs into reality with Gujarat ranking as the number one state in economic freedom in India.

The concept of “Minimum Govern­ment Maximum Governance” captures what was perhaps the most alluring slogan of the BJP’s election campaign. The idea of minimum government and maximum governance is an appealing one as it implies that government will be efficient, and that a smaller bureaucracy with more skilled people will be better than a larger one. This implication itsej points to at least one condition thi- must be satisfied for small govern­ment to be effective—the presence of skilled people, or more generally, tf e placement of the right person in the right position.

Make in India

Make in India is an initiative of the Government of India, t: encourage companies to manufacture their products in India. It we- launched by Prime Minister Narendi; Modi on September 25, 2014. Make in India initiative has been on mair agenda in various foreign visits of Narendra Modi. Modi had hinte: towards the initiative in his Indepen­dence Day speech of August 15, 2011 It was launched on September 25, 2014 in a function at the Vigyar. Bhawan. On December 29, 2014, .= workshop was organised by the Department of Industrial Policy and Promotion which was attended by Modi, his Cabinet ministers, chief secretaries of states and various industry leaders. The major objective behind the initiative is to focus on 25 sectors of the economy for job creation and skill enhancement. Some of these sectors are : automobiles, chemicals, IT, pharmaceuticals, tex­tiles, ports, aviation, leather, tourism and hospitality, wellness, railways, auto components, design manufac­turing; renewable energy, mining, biotechnology, and electronics. The initiative hopes to increase GDP growtfy and tax revenue. The initia­tive also aims at high quality standards and minimising the impact on the environment. The initiative hopes to attract capital and technolo­gical investment in India.

The campaign was designed by the Wieden+Kennedy (W+K) group which had previously worked on the Incredible India campaign and a campaign for the Indian Air Force. In August 2014, the Cabinet of India allowed 49% Foreign Direct Invest­ment (FDI) in the defence sector and 100% in railways infrastructure. The defence sector previously allowed 26% FDI and FDI was not allowed in railways. This was in hope of bringing down the military imports of India. Earlier, one Indian company would have held the 51% stake; this was changed so that multiple companies

 

could hold the 51%. Out of 25 sectors, except Space (74%), Defence (49%) and News Media (26%), 100% FDI is allowed in rest of sectors.

Web Portal

The BJP-led NDA government is following its ‘less government, more governance’ mantra. Prime Minister Narendra Modi on July 26, 2014 launched a web portal titled MyGov where citizens can post their sugges­tions to the government. The initia­tive is a step ahead to digitize the government. Modi said MyGov (mygov.nic.in) is a technology-driven medium that will provide citizens an opportunity to contribute towards good governance. National Infor­matics Centre (NIC) of the Depart­ment of Electronics and Information Technology will implement and manage the platform. There are multiple theme-based discussions on MyGov where a wide range of people can share their thoughts and ideas with the government.

MyGov-External website that opens in a new window is an innovative platform launched to ensure citizens’ engagement in
decision making by the Government so that the ultimate goal of ‘Good Governance1 for building India is achieved. This initiative is an opportunity for citizens and well- wishers from across the world to share their views on key issues directly with the Prime Minister of India.

The Prime Minister believes that “the success of democracy is impos­sible without participation of the people”. Groups and creative corners are an important part of MyGov – External website that opens in a new window. The platform has been divided into various groups namely Clean Ganga, Green India, Job Creation, Girl Child Education, Skill Development, Digital India, Swadhh Bharat (Clean India). Each group consists of online and on ground tasks that can be taken up by the contributors. The objective of each group is to bring about a qualitative change in that sphere through people’s participation.

AT MYGOV – CITIZENS CAN

  • Directly connect with the Govern­ment, Ministries and Depart­ments led by Hon. Prime Minister.

 

  • Realize their hidden potential and talent on a national platform and get recognized.
  • (Discuss) Express views on policies, programs and matters of national interest.
  • (Do Tasks) Collaborate on key areas of development and gover­nance.
  • Contribute to nation building while earning credits along the way by Posting views on Dis­cussions.
  • Completing tasks volunteered for.
  • View ideas and viewpoints of others and share the same.

GOVERNMENT CAN

  • Understand viewpoints of citi­zens and gather feedback.
  • Get people’s ideas and their contribution through the tasks.
  • Identify talent and expertise which can be garnered towards the success of projects with people’s participation.
  • Implement best ideas and achieve the goal of ‘Good Governance’.