VSoft welcomes Currency Demonetization Efforts

New Delhi, 16^th November 2016 - VSoft Technologies, a leading technology solutions and services provider to the banking industry, welcomes the efforts by GOI in transforming society into a cashless economy in order to aid transparency through our Banking System.

The company has its footprints globally and currently has 1200+ associates has a client base of 2800 + Financial Institutions across the world.

As a preferred technology partner to some of the leading banks in the country, VSoft offers complete suite of payment solutions which includes Cheque Truncation, ACH, MMS, Digital Banking through OMNI Channel which includes Internet and Mobile Banking into one, RTGS, NEFT and ATM switching services. VSoft’s ‘Jeb’ a solution developed which integrates the NPCI’s and provides Unified Payments Interface (UPI) solutions, which is more convenient, cost effective and more secure than what the Digital Wallets provide. These solutions not only work with IRIS – SuVikas, a core banking solution provided by VSoft, but also could easily be integrated with any CBS and also integrate with other 3^rd party products in a backward and forward integrations.

Demonetization of Notes of 500 and 1,000 rupees denominations by Govt of India and RBI:

In order that the risks of handling physical cash and inconvenience in transacting and also for brining in transparency in the financial transactions, Govt. of India has systematically brought in initiatives over a period of time which included

1. e-KYC for the accounts of the customers who are opening or operating the bank accounts so that the cumbersome bringing of documents, verification of the same against original and the onus of ensuring that the documents are not fraudulent remaining by eyeballing and manual methods of verification, is eliminated.
2. Aadhar ceding so that the Direct Benefit Taxes released by various central and state govt. agencies are directly credited to the bank accounts of the beneficiaries.
3. Opening of Jan Dhan Yojana accounts by public to mobilise thrift and small savings so that there is a large-scale financial inclusion is achieved.
4. Incentivizing Financial Inclusion by introducing Insurance at a highly subsidized rate for all bank account holders so that large population, who have remaining outside the banking system would get into the mainstream.
5. Issuance of ‘Rupay’ debit cards to the general public by banks with an inbuilt insurance to the cardholder at zero cost.
6. Brining in liberalized operational guidelines by allowing eligible Cooperative Banks to extend Mobile and Internet banking services to its clientele. This facilitated penetration of digital banking facilities into micro interiors as the reach of Cooperative banks is much deeper into rural hinterlands in the country.
7.  Affording better controls, regulations, compliances and ease & convenience of use of a cheaper and most convenient 24/7 real-time digital payment solution under Unified Payment Interface (UPI). This product entails the customer to retain his money in his accounts only and the money moves out of his account only when the transactions actually happen i.e. real-time as opposed to the Digital Wallets which require a prefunding making the customer move his money from his account to the Wallet much before the actual use of the same. He also will have to pay cost of breakages if he desires to use the money stored in the Wallet for his urgent cash requirements.   

With all these measures brought in place systematically to support the general public to transition in to a cashless, digital payments environment much before the Govt. move to demonetize the 500 and 1,000 rupee denominated currency, the inconvenience would have been lesser than what we see today. In fact, there would have been a seamless change into the new regulations with the use of the digital channels and subscribing to all the above measures.

While VSoft has taken the initiative of facilitating all the above by use of its entire state of the art products and solutions by the customers of the banks which it services, VSoft also expresses their commitment for participating proactively by developing, adopting and propagating new applications and better use of technology in all the initiatives towards a cashless economy as envisaged by the Govt. of India and RBI. 

For more information call 40- 44775777 or visit www.vsoft.co.in