@Leisure - Vol-31 | srei
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@Leisure - Vol-31


Towards a Cashless India

'Cashless India' is the new buzzword. There are many advantages of using less cash or striving to be totally cashless. Cashless transactions are secure as you do not have to carry money around; you do not have to frequently visit ATMs and there is the convenience of not having to come up with the exact amount of change. Some cashless methods of payments can also get you attractive discounts and promotional offers. It is easy to go cashless as well; here are some easy cashless payment systems that you can try:

Mobile Wallets

Mobile wallets are a simple and an effective way of making payments; they put the power of your wallet in your mobile. You can download a mobile wallet application (app) provided by your bank; you can also use a standalone wallet app. Money in the mobile wallet can be loaded through your credit or debit card or by using net banking. At the moment, you can only load Rs. 20,000 per month in a mobile wallet but if you go through the KYC process, the limit is Rs. 1 lakh. Keep in mind though that you should only download a mobile wallet app through a trusted source like Google Play Store or Apple App Store.

Plastic Cards

One of the most popular methods of going cashless is by using Plastic cards. You can also pay using the debit or credit card issued by your bank. These cards are usually issued in collaboration with a payment service provider like Visa, MasterCard, AmEx or RuPay. Mostly these cards can be requested from a bank for a very small annual fee. You can pay at a Point of Sale (PoS) terminal at merchants using these cards and also use them as a regular ATM card.

Unified Payments Interface (UPI)

The National Payments Corporation of India (NPCI)'s UPI platform allows you to pay money directly from your bank account to another bank account. The benefit that the UPI system has is that its mobile application allows for seamless transfer of money, which is not the case yet with mobile wallets. At the moment, this app is only available for Android phone users. Using the UPI app, you can create a virtual payment address much like an email ID. You will then create a Mobile Money Identifier (MMID), which is a seven digit random number. The payment can be made after the receipt has been identified on the basis of the payment address and the MMID.

Internet Banking

Internet banking can also help you make payments; your bank's internet banking portal may be listed at many e-commerce portals, where you can simply log in and pay with your bank account using the net banking interface.

Aadhar Enabled Payment System (AEPS)

If you hold an Aadhar card, you can use the AEPS system provided your bank account is linked with your Aadhar card. This involves using your fingerprints or iris scans to authenticate the transaction.

Unstructured Supplementary Service Data (USSD)

This is a good service for those people who do not have a smartphone, as there is no data connection needed for making payments. The only concern is that payment details have to be shared with the payee, which may have some privacy issues.

There are so many ways of going cashless; all you need to do is pick one or a combination to make your life is safer, simpler and hassle free.


Srei White Label ATMs in Tier 1-6 towns

Srei ATMs have found a place near you with the first ever Srei ATM having been already installed at Krishnanagar in Nadia district of West Bengal. These ATMs are branded as Srei ATM and are focussed on Tier 1 to Tier 6 towns.

Srei ATMs

Srei ATMs are white label or third party ATMs; these types of ATMs are owned by non-banks but can be used by customers of any bank with an ATM card. Srei has tied up with ANZ as the settlement or sponsor bank.

Our ATMs near you

The Srei ATM system has been put in place using the 1:3 scheme of the Reserve Bank of India. Under this scheme, for each ATM put in Tier 1 and Tier 2 cities, 3 ATMs have been put in Tier 3 to Tier 6 cities. Srei plans to put in place 6,750 ATMs in Tier 3 to Tier 6 cities, with 675 ATMs being in Tier 5 and 6 cities and the remaining 2,250 ATMs elsewhere.

Srei Model

With a low interchange fee and high running costs, ATM sites need to be viable. Srei's model works by cutting costs; our ATMs only need 15-20 sq. ft. of space and through the use of advanced technology for security, we cut reliance on security guards. Analysts estimate that Srei's ATM can save up to 30-35 per cent compared with competition. Srei is also leveraging space in ATMs for advertising revenues. Tie ups such as Sahaj network are being explored.

With the central government pushing for financial inclusion, the number of ATM card holders in rural areas is set to surge. Direct Benefits Transfers also make ATMs more viable than ever before. A Srei ATM near you will ensure that no matter where you are, you are never short of cash.


How your tax savings can translate into nation building?

Did you know that by investing in tax saving bonds, you are helping your country to grow and build vital infrastructure that would be useful for generations? You are of course, saving on taxes and helping reap returns on these bonds. It is like hitting two birds with one stone:

About tax saving infrastructure bonds

Tax saving infrastructure bonds can be issued by NBFCs recognised by the Reserve Bank of India like Srei. Other eligible institutions are financial institutions like Industrial Finance Corporation of India, Life Insurance Corporation of India, Infrastructure Development Finance Company, etc. The money that is invested in infrastructure bonds is invested in the building of infrastructure like power plants, roads, airports, etc. The investor stands to benefit because there are tax deductions available, while the government builds the country using these funds.

How to invest in infrastructure bonds?

Infrastructure bond issues open from time to time; you must apply for bonds at the time of these issues. You can apply for them directly from the website of the issuer. Alternatively you can also fill a paper form and apply for bonds. The bonds can be held in both physical as well as demat formats.

What are the benefits of infrastructure bonds?

Usually, infrastructure bonds offer attractive interest rates; additionally, you can claim income tax deduction up to Rs. 1.5 lakh under Section 80C of the income tax act. The interest that is accrued on these bonds is added to the individual's income and the taxation rate applicable is dependent on the slab you fall in.

Tax free infrastructure bonds are a great way to contribute to the rise of modern India and at the same time take advantage of Section 80C to save money on your tax outflow.


Buddy Jokes


A Man went into the temple and asked God
Man: "How long is 10 crore years to you?"
God: "1 second."
Man: "God, how much is 10 crore rupees to you?"
God: "A penny."
Man: "God, can I have one of your pennies?"

Why has astrology been invented? So that stock market technical analysis could be an accurate science.

A wife said to her husband
Wife: "Do you want to see a crumpled up Rs. 50"
Husband: "Yes"
She reached into her purse pulled it out and gave it to him.
Wife: "Do you want to see a crumpled up Rs. 100"
Husband: "Yes"
She again reached into her purse pulled it out and gave it to him.
Wife: "Do you want to see a crumpled up Rs.500,000
Husband: "Yes"
Wife: Go look at your car in the garage.


Buddy Quiz

True or False

1. Infrastructure bonds can help you save taxes above Rs. 1.5 Lakh under Section 80C.

2. The first Srei ATM was set up in West Bengal.

3. The UPI application can transfer money to mobile wallets.

4. The USSD service requires an Internet connection for money transfer.

5. AEPS stands for Aadhar Enabled Payment System.

Answer: False; True; False; False; True