In­dia boosts core bank­ing in­te­gra­tion with Fio­rano ESB

The Pak Banker - - COMPANIES/BOSS -

Fio­rano Soft­ware, a leader in en­ter­prise in­te­gra­tion and mes­sag­ing mid­dle­ware so­lu­tions to­day an­nounced that Fed­eral Bank has de­ployed Fio­rano ESB to sup­port In­dia's na­tional ID-based wel­fare dis­burse­ment sys­tem (Aad­haar Pay­ment Bridge Sys­tem, APBS).

Cur­rently, many of In­dia's poor­est ci­ti­zens do not have ID cards, bank ac­counts or even ad­dresses that they can use to ob­tain so­cial ser­vices. The distri­bu­tion of funds is wrought with in­ef­fi­cien­cies, cor­rup­tion and leak­ages. The APBS is a pay­ment gate­way plat­form cre­ated by the Na­tional Pay­ments Cor­po­ra­tion of In­dia that will be used to elec­tron­i­cally dis­trib­ute funds to ben­e­fi­cia­ries of so­cial se­cu­rity pen­sions, em­ploy­ment guar­an­tee pro­gram, pub­lic distri­bu­tion sys­tem and other government pro­grams.

Mr. P. Chi­dambaram, the Fi­nance Min­is­ter of In­dia, noted in a re­cent in­ter­view that the government spends "thou­sands and thou­sands of crores of ru­pees" (1 crore ru­pees = 10,000,000 ru­pees) on pen­sion and var­i­ous sub­si­dies.

"We are go­ing to launch the am­bi­tious pro­gram of paying di­rect cash sub­si­dies to peo­ple through the Aad­haar sys­tem in 51 dis­tricts across 15 states by 2013," he said.

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