Vritti January 2020 | Page 9

Changing Lives The $6.3 billion saved was then distributed to customers in rural areas without access to clean cooking gas. The Ujjwala Scheme directly or indirectly impact multiple SDGs including SDG 3 (Good Health and Well Being), SDG 5 (Gender Equality), SDG 7 (Affordable and Clean Energy) and SDG 16 (Peace, Justice and Strong Institutions). Another example is the Micro Units Development & Refinance Agency (MUDRA). This institution is aimed at providing loans to micro and small enterprises, with credit needs below $14,000. Under the MUDRA scheme, 155.6 million loans amounting to $101.26 billion have been disbursed. About 75 per cent of the recipients are women. The MUDRA scheme impacts the SDG 8 (Decent Work and Economic Growth) and the SDG 9 (Industry, Innovation and Infrastructure). The National Payments Corporation of India (NPCI) threw its hat in the ring once again, with the introduction of two vital schemes. I allude, of course, to the Immediate Payment Service (IMPS) and the Unified Payments Interface (UPI). The former (for which I was, as vritti January 2020 9 a happy coincidence, involved in establishing the standards) provides 24×7 real-time interbank electronic fund transfer. The Unified Payments Interface (UPI) powers multiple bank accounts into a single mobile application (of any participating bank). Of course, several banking features, seamless fund routing and merchant payments are all merged under one hood. UPI allows users to create a unique virtual address (like abc@xyzbank) and use it for transferring money and make payments from devices such as mobile handsets. The IMPS and UPI have 498 and 141 participating banks respectively. Over the last one year, (from September 2018 to August 2019) IMPS and UPI have collectively processed 10.26 billion transactions, valuing $465.66 billion. Clearly, progress has been marching on in India, with (hopefully) no signs of flagging. I would like to conclude by stating that technology ought to be invested in “for the greater good”. Digital technologies ought to encompass every section of society and every individual. No holds barred, of course. About the author Srinivas Nidugondi has over 21 years of experience in various industries including financial services, payments and commerce in a variety of business and product related roles and most recently with a specific focus on enabling banking, payments and related services through digital channels. At Comviva he heads the Mobile Financial Solutions business unit, which currently has over 130 deployments globally, providing services for more than one billion consumers.