e-Kuber Scheme for Telangana & Other Indian States

Updated on Aug 07, 2020

Overview

"Kuber", is referring to Lord Kubera, who's the lord of wealth in Hindu Mythology.

The Reserve Bank of India is a financial system and a relevant entity. RBI goes through various large amounts of transactions daily. 

For these transactions to take place, RBI, as the central bank of India has many digital services such as RTGS, NEFT, etc. and the e-Kuber scheme is their saviour. e-Kuber is RBI's critical banking solution. Polaris Ltd is the technology partner for the Reserve Bank of India for launching e-Kuber.

Background

The e-Kuber scheme launched in 2012, and it is known to be one of the most successful "central banks allotted Core Banking Systems in the world."

e-Kuber does its job entirely, as, from the time it has come in place, it has provided efficient and effective delivery of the central banking services with the banks and govt. That needed an appropriately curated digital network.

Functions

  • All across the country, e-Kuber allows each bank to connect its single current account.
  • It provides a high degree of admittance to all the commercial banks and the other institutions in our country, to their current accounts with the Reserve Bank of India.
  • e-Kuber makes it possible for the banks to access their current account at any point of time, be it anywhere across the country.
  • Reserve Bank Of India uses e-Kuber to carry out several transactions with the banks.
  • CBS, i.e. Core Banking Solutions, works as a set-up that assists banks to give numerous customer-centric services 24×7 from anywhere and everywhere in the world. CBS can support both corporate and retail banking activities.
  • The centre and state governments are also given access to use thee-Kuber as a platform to give out updates regarding the Ways and Means Advances (WMA).

Benefits

  • e-Kuber can only be accessed through the internet or via Indian Financial Network(INFINET). INFINET can only be used by the limited, exclusive member banks and other financial institutions; it is also the backbone for the National Payments System.
  • e-Kuber comes in handy as it gets used to executing auctions of the government securities or when sovereign gold bonds are available for subscription at branches of scheduled commercial banks and curated post offices.
  • The settlements of Golds and Service Tax (GST) are to be allegedly done through the e-Kuber scheme.

Official Website for Telangana State

You might want to read the Telangana state official website for more details if you're looking for more details for Telangana state. If you are in other states, you will find seperate official website for your state.

How to Check Status for Telangana State?

Step 1: Visit the official website.

Step 2: Choose the appropriate year.

Step 3: Choose the type of e-Kuber scheme and then, insert the respective ID. Finally, submit it to check the details.

Frequently Asked Questions 

Q. When did e-Kuber get launched?

e-Kuber got started in the year 2012.

Q. Why is the scheme named "e-Kuber"?

"Kuber", is referring to Lord Kubera, who's the lord of wealth in Hindu Mythology.

Keeping that in mind, this scheme has been named e-Kuber.

Q. What does e-Kuber do?

e-Kuber allows each bank to connect its single current account all across the country.

Q. Who launched e-Kuber?

The Reserve Bank Of India (RBI), launched e-Kuber.

Q. How does the reserve bank of India use e-Kuber?

The Reserve Bank of India uses e-Kuber to carry out several transactions with the banks.


Categories

WRITTEN BYVarsha Verma

Add comment