One more step to support Government of India’s push to propel digital payments in India and move towards a ‘less-cash’ economy
Rajkot/Ahmedabad, November 24, 2016: YES BANK, India’s 5th largest private sector Bank, has partnered with the Gujarat State Road Transport Corporation (GSRTC) to digitize payments of Bus Tickets for its customers. The partnership was announced by Shri Vallabh Kakadiya, Minister of State (I/C) for Road Transport, Govt. of Gujarat along with Shri Vijay Nehra, IAS, VC & MD, GSRTC.
Under the partnership YES BANK will install over 125 PoS (Point-of-Sale) Terminals to facilitate booking of tickets through Credit and Debit Cards at all GSRTC bus depots. YES BANK is already live with 50 terminals as on today and will achieve a number of 125 in the next couple of weeks as part of the first phase of implementation. The initiative will cover all municipal corporation locations and multiple cities including Ahmedabad, Rajkot, Vadodara and towns including Bhuj, Dahod, Palanpur and Valsad.
The installation of these terminals will go a long way in supporting the ‘less-cash’ economy envisaged by the Government of India while also offering enhanced convenience and ease to the citizens of Gujarat travelling by GSRTC buses. Currently GSRTC handles over INR 70 Crores worth of transactions in cash at its counters, and over 50% of these transactions are expected to shift to Card transactions thereby reducing cash usage. This partnership serves as a win-win situation for both GSRTC as well its customers.
Shri Vallabh Kakadiya, Minister of State (I/C) for Road Transport, Government of Gujarat, “We are thankful to YES BANK for partnering with the GSRTC to install the PoS machines and facilitating cashless transactions for commuters at no additional cost. On behalf of the transport department, I would like to congratulate the Bank for taking up this significant initiative and also wish them the best in their endeavours”.
Shri Vijay Nehra, IAS, VC & MD, GSRTC, said,” We are happy to have partnered with YES BANK to install the PoS machines at all our 125 bus depots. We also appreciate that YES BANK under this initiative has waived off all the transaction charges for customers and not charging rentals to GSRTC. It is a great effort to help us transition to a cashless economy and also position GSRTC as a customer-friendly organization”.
Speaking about the partnership, Nikhil Sahni, Group President, Govt. Banking & National President, Branch Banking, YES BANK, said, “YES BANK is proud to partner GSRTC which has been adopting innovative measures to make sure that commuters have the best travel experience possible. I am certain that by leveraging YES BANK’s strengths of technology and innovation, we will be able to digitize payments for GSRTC customers and help move India towards a ‘less-cash’ economy. We would also like to thank the Government of Gujarat and Hon. Minister Shri Vallabh Kakadiya for being present at the launch and supporting this initiative”.
YES BANK remains fully committed to help realize the Government’s initiative to propel digital payments in India and move towards a ‘less-cash’ economy. Yesterday, YES BANK had announced waiver of MDR charges (Merchant Discount Rate) for all Debit Card transactions across RuPay, MasterCard and Visa platforms at all its Merchant locations, including online transactions upto December 30th. MDR is the fee charged to the merchant by the Bank for providing card acceptance services. The waiver of MDR will facilitate greater acceptance of Debit Cards by the Merchants thereby resulting in greater use of cards by customers as their preferred payment method.
About YES BANK
YES BANK is a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to Retail, MSME as well as corporate clients.
YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES and its Mutual Fund business through YES Asset Management (India) Limited, both wholly owned subsidiaries of the Bank. Headquartered in Mumbai, it has a pan-India presence across all 28 states and 8 Union Territories in India including an IBU at GIFT City, and a Representative Office in Abu Dhabi.
For more information, please visit the Bank’s website at http://www.yesbank.in/
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