YES BANK, India’s 4th largest private sector Bank has partnered with the Government of Rajasthan to launch Bhamashah Wallet -a simple instant payment Digital Wallet solution for the state of Rajasthan.
The Bhamashah wallet, Rajasthan government’s online payment application was launched by The Chief Minister of Rajasthan, Vasundhara Raje. The wallet service was launched as a part of Bhamashah Yojana, 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 Bhamashah Yojana. 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 Bhamashah Yojana, 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 65,000 eMitra 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 Nashik and Udaipur under GOI’s Smart City initiative and has recently launched YES SCALE- Smart City accelerator to provide technology and fintech support to 10 partner Smart Cities across the country.