e-Kuber payments system launched in J&K

By: |
February 18, 2021 7:55 PM

Initially, e-Kuber would be implemented in Civil Secretariat treasury on pilot basis and rollout of this system for other treasuries shall follow shortly, the spokesman said.

Real interest rates, especially at the shorter end, have been negative for far too long, favouring borrowers and hurting savers.Real interest rates, especially at the shorter end, have been negative for far too long, favouring borrowers and hurting savers.

Jammu and Kashmir on Thursday formally rolled out e-Kuber payments system of Reserve Bank of India (RBI) here, an official spokesman said.

Financial Commissioner (Finance) Arun Kumar Mehta launched the new system in presence of General Manager, RBI Jammu, Sandeep Mittal and Director General Accounts and Treasuries, Finance Department, Mahesh Dass, the spokesman said.

He said the new payments system of RBI would replace the existing system for the purpose of government payments.

“All types of government payments including employee’s salaries and pensioner’s pensions will be done through RBI’s e-Kuber,” the spokesman said.

Initially, e-Kuber would be implemented in Civil Secretariat treasury on pilot basis and rollout of this system for other treasuries shall follow shortly, the spokesman said.

He said the system is capable of making 50,000 transactions at a time, while all government-related financial transactions would be dealt directly with RBI, without any intermediary bank.

The system would also overcome payment delays and eliminate risk of paper vouchers being lost in transit, the spokesman said.

J&K is the first Union Territory to implement version 2.9 of e-Kuber payments system, he said.

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