Hyderabad: All state governments will now have to transact money through the e-Kuber portal launched by the Reserve Bank of India. At present, governments transact money through commercial banks. The banks send details of transactions to the RBI which in turn will send the financial balance to the state governments.
Commercial banks charge the state governments for every transaction. Officials said it was not clear whether the RBI would charge for transactions through the e-Kuber portal.
The portal enables ease of operations and benefits state governments and the Centre as users. It allows departments to access data on ‘anywhere anytime’ basis and view their balances of all types including ways and means advances, drawals, funds position. An official said it would help in better money management. TS finance officials are visiting Bengaluru to study the implementation of the e-Kuber system by the Karnataka state government.
