Port Blair, Dec 16: A training session as a part of the ongoing policy reforms on demonetization by the Govt. was held at JNRM on 15th December 2016. Briefing the session, the Chief Guest, Dr.N.Francis Xavier, Principal JNRM emphasized the need to change with the changing reforms in the monetary sector.
The programme was coordinated and presented by Dr.P.M.Murali, Associate Professor, Dept. of Economics in association with Shri.Farooque, Manager, District Lead Bank wherein all aspects relating to virtual or digital money were dealt at length to the satisfaction of the faculty and students present.
During the presentation, the main aim behind the introduction of cashless or Digital money transaction was explained. The main aim was to check the growing corruption and stop the HAWALA transactions, which has been the main cause for increased terrorism in India and also to bring in an overall transparency in the day to day transactions besides making the transactions convenient. Demonetization refers to a transaction system, wherein the money in its physical form will assume the form of Digital or Virtual system through E – payments, i.e., through Mobile Banking, Phone Banking, ATM’s and through Internet Banking, the speakers explained.
A two-step process for converting our transactions into digital mode was imparted which includes first acquiring Apps of any bank – send SMS (MBREG) to 9223440000 and get user ID and default MPIN. Then, open the apps – register with the User ID and a new MPIN (in place of default MPIN). Secondly, visit the A/c holders bank ATM and register one’s Phone No. going to “Mobile Registration” option in the ATM. Then the customers are ready for Mobile banking, the expert added.
The programme concluded with by vote of thanks proposed by Shri.Abdul Salam, Assistant Professor, BBA, JNRM. Ms Jochibed Vincent, Assistant Professor, English compered the programme.
