e- Kuber payment system for Jammu and Kashmir
In a bright Development for Jammu and Kashmir the Financial Commissioner Finance, Dr. Arun Kumar Mehta, formally rolled out e-Kuber payments system of Reserve Bank of India for Jammu and Kashmir here.
Pertinent to mention , the General Manager RBI Jammu, Sandeep Mittal and Director General Accounts and Treasuries, Finance Department, Mahesh Dass were present on the occasion.
The new payment system of RBI will replace the existing system for the purpose of government payments. All types of government payments including employee’s salaries and pensioner’s pensions would be done through RBI’s e-Kuber.
Pertinently, J&K is the first Union Territory to implement version 2.9 of e-Kuber payments system. Initially, e-Kuber will be implemented in Civil Secretariat treasury on pilot basis and roll out of this system for other treasuries shall follow shortly.The e-Kuber is the Core Banking Solution of the RBI which enables each bank to connect their single current account across the country.
Dr Mehta expressed pleasure over new payments system saying that the move would help to strengthen financial discipline in the UT.
Financial Commissioner was informed that the system is capable of making 50 thousand transactions at a time. He was further informed that with the system, all government-related financial transactions will be dealt directly with RBI, without any intermediary bank. The system shall also overcome payment delays and eliminate risk of paper vouchers being lost in transit.As a matter of fact, E-kuber is the core banking solution of the RBI that gives high degree of access to commercial banks and other institutions to their current account with the RBI.e-kuber enables banks access with their current account at anytime, everywhere across the coutnry.The e-kuber is used by the RBI to execute various transactions with banks.Utility of e-kuber is that it is used to conduct exercises like auctioning of government securities.
He was also apprised that through a web-based integrated system, Treasury Net, all treasuries would be allowed to access the e-KUBER payment platform.It is certainly a great Development.