YES BANK partnered with Government of Rajasthan to launch First-of-its-kind Citizen Wallet for Digital Payments – ‘Bhamashah’
YES BANK, India’s 4th largest private sector Bankhas partnered with the Government of Rajasthan to launchBhamashah Wallet -a simpleinstant payment Digital Wallet solutionforthe state of Rajasthan.
The Bhamashah wallet, Rajasthan government’s online payment application was launched byThe Honourable Chief Minister of Rajasthan, Shri VasundharaRaje. The wallet service was launched as a part of BhamashahYojana, a scheme introduced by the Government of Rajasthan to transfer financial and non-financial benefits of governmental schemes directly to women recipients in a transparent way. Through the Bhamashah wallet, subsidy disbursements can now be done seamlessly by the Government to the beneficiaries directly in the digital wallets provided to them.
Commenting on the launch Rana Kapoor, MD & CEO, YES BANK said, “YES BANK is pleased to partner with the Government of Rajasthan to further digital payment services for citizens, ease subsidy disbursement process for the government and be an enabler of financial services for the last mile. The Bank is fully committed to building frugal solutions on new technology and fostering a Digitally-enabled India.”
“Rajasthan became the biggest Financial Inclusion and DBT Model in the country with BhamashahYojana. Today, with Bhamashah Wallet, the state has leaped way ahead, with providing all financial services, benefits transfer and wallet functionalities for free to each Rajasthan Resident”, said Akhil Arora, Principal Secretary, Department of IT&C, Government of Rajasthan.
The Bhamashah Wallet will offer instant banking services to ~ 56 million beneficiaries registered under the BhamashahYojana, using a single identity such as name, QR code, or the mobile number of the user and is fully secure.In addition to being linked with the state’s direct benefit transfer (DBT) scheme, the wallet is aimed at providing quick person-to-person payments through Wallet for wallet-to-wallet and wallet-to-bank transactions. The app will be available to over 65,000eMitra retail outlets (common services centers) and Rajasthan Payment Portal, servicing recharge, transfer, KYC and other needs micro-payment related needs of customers. The app is currently available in a bilingual interface for ease of use and is a part of a free digi-kit that is being given by the Government of Rajasthan to the e-Mita outlets.
YES BANK has also been instrumental in digitizing payments of Government to citizen services (G2C) for Nashikand Udaipur under GOI’s SmartCity initiative and has recently launched YES SCALE- Smart City accelerator to provide technology and fintech support to 10 partner Smart Cities across the country.