Under the Digital India initiative, the government aims to provide seamless digital connectivity, and paperless and cashless service. Under the Digital India initiative, the government has mandated an open application programming interface (API) policy for these five programmes. It needs just one virtual ID for authentication and does not disclose your bank account details to the recipient. At present, an individual can use Aadhaar, digital signatures and know-your-customer (KYC) documents to prove her identity and conduct financial transactions. Built on the immediate payment service (IMPS) platform, UPI allows you to send money from one bank account to another in real time and it is available 24x7.

Source: Mint August 02, 2016 14:26 UTC