Nifty99000 100%

Sensex99000 100%

Article rating: No rating
Article rating: 5.0
Article rating: 5.0
Article rating: No rating
Article rating: 5.0
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: No rating
Article rating: 4.0
Article rating: 5.0
Article rating: 3.3
Article rating: 5.0
Article rating: 4.0
Article rating: No rating
RSS

News

Railways’ revenue through digital payment up 12%

Author: IANS/Wednesday, November 8, 2017/Categories: Digital payments

Railways’ revenue through digital payment up 12%

New Delhi - The Indian railways reported a rise of over 12% in its cashless revenue stream generated from the reserved segment of e-tickets till August, 2017 from the period of 2016-17.

The massive rise in cashless revenue stream from the reserved segment category was attributed to various steps initiated by the railways, a railway ministry official said.

"The cashless revenue from reserved segment (e-ticket) has increased from 62.55% in 2015-16 and 64.76% in 2016-17 to around 76% till August 28, 2017," a railway ministry official said.

"The online booked ticket constitute to about 64.5% of total tickets (till August 28, 2017)." 

According to the railways, about 13 lakh tickets are booked every day against a reserved accommodation of 10.5 lakh berths across all classes.

The official added that even in the unreserved tickets segment the income through digital payment has gone up by 2%.

"The railways sold about 6.5% unreserved tickets by August 2016, which has now gone up to 8.99% till September 30, 2017," he said.

Even in the freight segment, the revenue from cashless mode increased from 97% to 99.8%.

Digital payment in booking tickets in railways was promoted after Prime Minister Narendra Modi on November 8 last year announced to scrap Rs 500 and Rs 1,000 notes to curb "black money and corruption".

In a slew of measures to promote digital payment, the railways had on November 23, 2016 withdrawn the service charges from tickets booked through the Indian Rail Catering and Tourism Corporation (IRCTC). 

The railway official also said the service has been extended till March 31, 2018.

After demonetisation, the railways had withdrawn the service charge of Rs 30 applicable on transactions against credit or debit cards at the reservation counters.

To promote digital payment, Indian Railways also provided a discount of 0.5% on season tickets purchased digitally.

Beside these, the railways also provided a discount of 5% on payment made online for opting services like ordering food, booking retiring room.

The railways and the IRCTC also slashed all additional charges being levied either by the Indian Railways or IRCTC on e-tickets.

Print Rate this article:
No rating

Number of views (198)/Comments (0)

rajyashree guha

IANS

Other posts by IANS
Contact author

Leave a comment

Name:
Email:
Comment:
Add comment

Name:
Email:
Subject:
Message:
x

Videos

Ask the Finapolis.

I'm not a robot
 
Dharmendra Satpathy
Col. Sanjeev Govila (retd)
Hum Fauji Investments
 
The Finapolis' expert answers your queries on investments, taxation and personal finance. Want advice? Submit your Question above
Want to Invest
 
 

Categories

Disclaimer

The technical studies / analysis discussed here can be at odds with our fundamental views / analysis. The information and views presented in this report are prepared by Karvy Consultants Limited. The information contained herein is based on our analysis and upon sources that we consider reliable. We, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and we are not responsible for any loss incurred based upon it. The investments discussed or recommended in this report may not be suitable for all investors. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent advice, as they believe necessary. While acting upon any information or analysis mentioned in this report, investors may please note that neither Karvy nor Karvy Consultants nor any person connected with any associate companies of Karvy accepts any liability arising from the use of this information and views mentioned in this document. The author, directors and other employees of Karvy and its affiliates may hold long or short positions in the above mentioned companies from time to time. Every employee of Karvy and its associate companies is required to disclose his/her individual stock holdings and details of trades, if any, that they undertake. The team rendering corporate analysis and investment recommendations are restricted in purchasing/selling of shares or other securities till such a time this recommendation has either been displayed or has been forwarded to clients of Karvy. All employees are further restricted to place orders only through Karvy Consultants Ltd. This report is intended for a restricted audience and we are not soliciting any action based on it. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities, or any options, futures or other derivatives related to such securities.

Subscribe For Free

Get the e-paper free