Union Finance Minister Pranab Mukherjee on Monday launched the e-payment system, it is a part of govt’s anti corruption initiative and it will be implemented in all paid account offices of the Ministries.
The system will cover eight banks and at the end of this financial year, all the ministries will come under its ambit.
The Minister added once the system is fully operational, it will be responsible for payment of six lakh crore rupees.
Mukherjee gave the background of the e-payment evolution in the country and maintained that it will ensure greater efficiency, cost effectiveness and better delivery of money.
He said that the task force set up by the government headed by Nandan Nilkeni will work out modalities of direct transfer of cash subsidy of kerosene and fertilizers.
The e-payment system has been developed by Controller General of Accounts, Ministry of Finance in collaboration with National Informatics Centre.
Minister of State for Finance Namonarain Meena and Secretary Department of Expenditure also spoke on the occasion.