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YES BANK Partners Government of Rajasthan, launches First-of-its -kind Citizen Wallet for Digital Payments- ‘Bhamashah’

  • Bhamashah Digital Wallet jointly developed by YES BANK and Government of Rajasthan provides Instant banking services using single identity

  • Aimed at digitizing payments for G2C Services at 65,000+ eMitra retail outlets common services centers and the Rajasthan Payment Platform

  • Additional Services: Utility bill payments, Wallet for wallet-to-wallet and wallet-to-bank transactions

  • Launched as a part of Government of Rajasthan’s Bhamashah Yojana

Mumbai, August 28, 2018: YES BANK, India’s 4th largest private sector Bank has partnered with the Government of Rajasthan to launch Bhamashah Wallet -a simple instant payment Digital Wallet solution for the state of Rajasthan.

The Bhamashah wallet, Rajasthan government’s online payment application was launched by The Honourable Chief Minister of Rajasthan, Shri Vasundhara Raje. The wallet service was launched as a part of Bhamashah Yojana, a scheme introduced by the Government of Rajasthan to transfer financial and non-financial benefits of governmental schemes directly to women recipients in a transparent way. Through the Bhamashah wallet, subsidy disbursements can now be done seamlessly by the Government to the beneficiaries directly in the digital wallets provided to them.

Commenting on the launch Mr. Rana Kapoor, MD & CEO, YES BANK said, “YES BANK is pleased to partner with the Government of Rajasthan to further digital payment services for citizens, ease subsidy disbursement process for the government and be an enabler of financial services for the last mile. The Bank is fully committed to building frugal solutions on new technology and fostering a Digitally-enabled India.”

"Rajasthan became the biggest Financial Inclusion and DBT Model in the country with Bhamashah Yojana. Today, with Bhamashah Wallet, the state has leaped way ahead, with providing all financial services, benefits transfer and wallet functionalities for free to each Rajasthan Resident", said Akhil Arora, Principal Secretary, Department of IT&C, Government of Rajasthan.

The Bhamashah Wallet will offer instant banking services to ~ 56 million beneficiaries registered under the Bhamashah Yojana, using a single identity such as name, QR code, or the mobile number of the user and is fully secure. In addition to being linked with the state’s direct benefit transfer (DBT) scheme, the wallet is aimed at providing quick person-to-person payments through Wallet for wallet-to-wallet and wallet-to-bank transactions. The app will be available to over 65,000 eMitra retail outlets (common services centers) and Rajasthan Payment Portal, servicing recharge, transfer, KYC and other needs micro-payment related needs of customers. The app is currently available in a bilingual interface for ease of use and is a part of a free digi-kit that is being given by the Government of Rajasthan to the e-Mita outlets.

YES BANK has also been instrumental in digitizing payments of Government to citizen services (G2C) for Nashik and Udaipur under GOI’s Smart City initiative and has recently launched YES SCALE- Smart City accelerator to provide technology and fintech support to 10 partner Smart Cities across the country.

About YES BANK

YES BANK, India’s fourth largest private sector bank is a high quality, customer centric and service driven Bank. Since inception in 2004, YES BANK has grown into a ‘Full Service Commercial Bank’ providing a complete range of products, services and technology driven digital offerings, catering to corporate, MSME & retail customers. 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 9 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/

For media queries, please contact:

Ananya Chand
YES BANK
Email: ananya.chand@yesbank.in

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Jyothi Goswami
Email: jyothi@adfactorspr.com

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