Aadhaar Set to Revolutionise Indian Economy: PM Modi

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Mumbai: Prime Minister Narendra Modi on the day of Ambedkar Jayanti on Friday launched a new Bharat Interface for Money or BHIM-Aadhaar based money transfer system for enabling digital payments. The merchants will get a cash back on every transaction using BHIM.

Prasad said, "as many as 113 crore Aadhaar cards, 108 crore mobile phones, 50 crore internet users, 35 crore smart phones have been connected under "Digital India".

The merchants only need to carry the Aadhaar Pay; whereas, the users just need to have a Aadhaar linked bank account. It went on to add that all public sector banks have been instructed to go live with Aadhaar Pay.

Expressing his confidence about India becoming a digital economy soon, the Prime Minister said, "The time is not far when every India, even the poorest would say "DigiDhan is Niji Dhan" (Digital Money is My Money) of the poor".

Modi, who paid tribute to Ambedkar at Deekshabhoomi, where the Dalit icon had embraced Buddhism, linked the new schemes with his vision of social justice and financial empowerment.

Reiterating that India was heading towards a "premises-less and paper-less banking" system, Prime Minister Narendra Modi on Friday said that thumb impression now signifies digital reality. After that, they can login with their Aadhaar number using the fingerprint scanner.

A special cash-back scheme has also been launched for merchants, who use BHIM-Aadhaar Pay app. Both the existing user who refers BHIM and the new user who adopts BHIM would get a cash bonus credited directly to their account under the Referral scheme.

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Modi described the cashless movement as a "safai abhiyaan", a cleanliness campaign aimed at fighting the "menace" of corruption and black money.

This way, Aadhaar Pay and BHIM removes the necessity of smartphone for the buyer, if he needs to make a payment.

Both schemes will be administered by the Ministry of Electronics and Information Technology (Meity) and implemented by the National Payments Corporation of India (NPCI).

But the Indian government holds that the Aadhaar Act 2016, which was passed by parliament after the order of the Supreme Court, gives it the authority to use the Aadhaar biometrics for other purposes as well. Once the app is validated, merchants can use it to take payments.

Prime Minister Modi also felicitated some of the winners of the Mega Draw. Shedding light on Dr Ambedkar's life, Modi said that the great leader did not have a trace of bitterness or revenge in him despite facing struggles and bitter experiences in his life.

Three new languages (Marathi, Punjabi and Assamese) have been added to the BHIM app.

During the event, the Prime Minister would also declare about 75 townships going "less-cash" where the deployment of payment acceptance infrastructure is complete and all the families are covered under training programs.