Empowering India With Next-Generation Financial Infrastructure

Early August, India’s apex financial institution, the Reserve Bank of India announced setting up an ‘Innovation Hub’ to address the chronic challenges to financial inclusion in the country and promote efficient banking services. The drive is primarily through National Mission for Financial Inclusion (NMFI), namely, Pradhan Mantri Jan Dhan Yojana (PMJDY) and Direct Benefit Transfers (DBTs) of subsidy since August 2014. The objective: providing universal banking services to every unbanked household, securing the unsecured, funding the unfunded and serving the unserved and underserved areas.

Driving India’s Inclusive Growth

Technology has been the backbone of this initiative of financial empowerment. Hitachi, a global leader in Social Innovation Business, has been at the forefront of it. Hitachi Payment Services Pvt. Ltd., a Hitachi Group Company, has been leveraging the group’s advanced OT (Operational Technology) X IT solutions to augment the government’s vision and further develop the payments infrastructure in the country. Innovation in both cash and digital payment solutions has made Hitachi Payment Services (HPY) one of the cornerstones of partnerships with government and private institutions.

Mr Bharat Kaushal, Managing Director, Hitachi India, says “We believe that a robust payment infrastructure can architect a technologically sound financial backbone of the nation. Hitachi is at the forefront of driving, collaborating, and supporting the Indian government’s mission of financial and digital inclusion. We are Powering Good by mobilizing the nation’s progress through Social Innovation Business solutions that are consistently enhanced to promote steady welfare and provide additional benefits for the people of India.”

A key joint venture (JV) initiative illustrates this. State Bank of India (SBI), the nation’s largest commercial bank and Hitachi Payment Services entered into a joint venture (JV) to build a state-of-the-art card acceptance and future-ready digital payment platform. The JV, SBI Payments offers a comprehensive suite of payment options to customers and merchants focusing on the roll-out of a nationwide card acceptance infrastructure, quick response (QR) code acceptance, Unified Payments Interface (UPI), mass transit sector and e-commerce businesses.

FINANCIAL INCLUSION
The ‘National Strategy for Financial Inclusion for India 2019-2024’(1) document released by RBI speaks volumes about the success of various initiatives. Over 10 crore PMJDY accounts were created in over 2 years, till March’19. The number of card acceptance devices of Point of Sale (POS) has increased by over 26 lakhs in 5 years. The process and progress is continual.

In the banking sector, Hitachi has made an indelible mark in advancement and inclusive growth. First, the government’s efforts to ensure financial sustainability resulted in the advent of smaller financial institutions cementing their presence along with multi-varied cash dispensing platforms being set up in the rural sector, seamlessly shifting from conventional ATMs to cash recycling machines (CRMs) and setting up of White Label ATMs (WLAs). Hitachi Payment Services, under the license from RBI as a designated non-bank entity, established WLAs under the brand ‘Hitachi Money Spot’, primarily engaging Tier 3 to Tier 6 towns. Ever since, the popular Hitachi Money Spot ATM has empowered citizens through improved payment infrastructure and revolutionized banking environment in the country’s hinterland.

Mr. Rustom Irani, Managing Director and Chief Executive Officer, Hitachi Payment Services says, “Committed to building a robust and secure payment infrastructure for India, Hitachi Payment Services offers the nation’s most comprehensive range of cash and digital payment solutions. Utilizing advanced and innovative technologies, our end-to-end solutions help meet the changing needs of society while driving payment penetration and further expanding the payment ecosystem in the country.”

Building a technologically sound financial backbone

In architecting a technologically sound financial backbone for India, Hitachi Payment Services offer the nation’s most comprehensive suite of cash and digital payment solutions. This suite furthers the agenda of developing a robust payment infrastructure with end-to-end advanced solutions that caters to financial institutions, merchants and the general population at large. Along with deployment of WLAs that drive ATM penetration, Hitachi’s one of the most disruptive innovations has been in transforming ATMs to CRMs, taking advantage of National Payments Corporation of India’s recommendation on allowing interoperability of cash deposits in the banking sector.

Hitachi CRMs today are virtually mini bank branches, enabling financial institutions the opportunity to extend to the nation’s masses 24×7 cash deposit and withdrawal facility, among other services. Hitachi has more than 50 (2) per cent of the CRM market share in India and its services are designed to support the Digital India initiatives through the display of Bharat QR code for card-less withdrawal, soft-keyboard for data entry of UPI transactions and Aadhaar-enabled biometric functionality.

Hitachi with its advanced technological solutions and in-house developed future-ready digital payment platform is bridging this gap by delivering innovation and value to the merchants, thus contributing towards the Government of India’s vision to transform India into a digitally empowered society and knowledge economy.

Hitachi Payment Services is constantly growing the payments ecosystem, meeting the changing needs of society, helping India’s financial service sector to grow faster and driving financial empowerment for the masses. Currently it manages over 55,000 ATMs (includes 19,000 cash recycling machines), 3,900 WLAs and 1.3 million POS devices (includes mobile POS & QR), besides toll and transit solutions (3).

Powering good, changing life

Hitachi Payment Services’ technologically advanced payment solutions offer high levels of information security, reliability and a seamless experience, transforming the ease with which payment transactions happen in India today – be it in cash or digital. Overall, Hitachi’s Social Innovation Business is POWERING GOOD by enhancing the Quality of Life (QoL) for citizens and improving the social and economic values of all its stakeholders for a sustainable future.

Know more about Hitachi Social Innovation

Know more about Payment Solutions In India

See Powering Good in Action

Source 1:
https://rbidocs.rbi.org.in/rdocs/content/pdfs/NSFIREPORT100119.pdf
Source 2:
As per internal estimates, based on data as of September 2020
Source 3:
Data as of September 2020

This is a partnered post.

Sharing in The Dream, Co-Creating Mobility of The Future

Statistics abound that India, the world’s fifth largest economy (1) as per International Monetary Fund October 2019, World Economic Outlook, will likely emerge as the second largest after China by 2030 (2). The present day pandemic may have impeded the race to this milestone, but not stopped it. Conjoined with one of the youngest demographics and a burgeoning middle class society, this race puts India’s high-octane growth through several challenges, volatile business environment being one. The intense pressure of urbanization is another. With India planning to scale up and surge ahead on the economic front, greater emphasis should and, is being given, to infrastructure development. A robust and effective urban mobility solution, with sustainability and social innovation as its key ingredients, pivots this development.

The Indian Government has unleashed a development of scale. Under the “Smart Cities Mission (3)”, among key efficiencies, it has focused on world- class urban mobility and public transport, and a robust IT connectivity and digitalization. It is necessary to build a futuristic urban mobility solution, particularly a sustainable mass transit system, given the increasing population and the pressure on the country’s resources.

Deploying Mobility of the Future

Overhaul and upgradation of the transportation system are imperative in addressing the new and burgeoning demands of urban living, especially with the influx of rural/semi-rural masses in the metro cities. It is also crucial to re-shape the way citizens will travel in the future. The development of a comprehensive mobility plan for tier 2 and 3 towns is imperative as well. And technology needs to play a catalyst in connecting the dots that define smart mobility. From infrastructure (state-of-the-art trains, with driverless operations enabled by smart signalling with dynamic headway, face recognition, people flow management, passenger information systems) to operations contactless ticketing, digital payments, asset management, remote train tracking and its efficiency (asset sweating) to process digitalization (employee productivity and work output) to even reducing accidents-smart mobility triumphs. India set the ball rolling on smart mobility quite some time back, in which Hitachi Rail has continued to play a significant role.

Reinforcing the value and commitment that the company brings to the nation, Mr Bharat Kaushal, Managing Director, Hitachi India, says, “Hitachi India has a key role in India’s urban mobility transformation plan as it tries to adapt to the evolving market dynamics. We are focused on offering smart mobility solutions, optimizing existing resources and aggregating last-mile connectivity across the country. These solutions are not only aligned with Government’s Make in India initiative, making India Self-Reliant but are also synergized with Hitachi’s commitment to ‘Powering Good’ by co-creating solutions that enhance social, environmental and economic values for the society and customers in India.”

Hitachi Rail’s partnership with the Indian government dates back to the 1950s – it delivered the country’s first steam locomotive and was one of the first companies to deliver the electric locomotive. This partnership at various levels has grown from strength to strength. With the implementation of metro rail systems, Hitachi has consistently demonstrated the comprehensive urban mobility solutions to contribute to peoples’ Quality of Life in India. Pioneering capabilities in technology deployment through advanced train control, Communication-Based Train Control (CBTC) signalling and telecommunication systems, trains (rolling stock) and seamless.

While Hitachi has strengthened its urban mobility business at the global level, Hitachi India is driving the transformation at the regional level in India and emerging as one of the global leaders in Social Innovation Business, which translates into ‘Powering Good,’ is now exhilarated to deploying globally proven technologies for the upcoming Urban Rail Transit Systems like Regional Rapid Rail, and Mass Transit opportunities of Metrorail and Metrolite (Trams). In a nutshell, Hitachi’s smart mobility technologies and solutions are remarkably transforming India’s transport ecosystem across metro cities, tier-1 and tier-2 towns, solving varied infrastructure challenges.

Making a difference through Social Innovation

Digital transformation has amplified the possibility of innovation, even in the optimization of resources. It is being pursued not only in mobility but across varied industries like manufacturing, agriculture, healthcare, retail, financial services, banking, national defence, and security to public utilities. By harnessing Operational and Information Technologies (OT x IT), Internet of Things (IoT) and big data analytics, India is redefining the way it engages with its citizens, thus improving their quality of life.

Hitachi is driving this transformation phenomenally. Hitachi’s innovative and globally recognised OT x IT solutions, data analytics, IoT-enabled interactive devices, Artificial Intelligence (AI) and robotics are changing lives of people in India.

Hitachi’s partnership with the Government of India on initiatives such as ‘Make in India’ and ‘Digital India’ is fast-tracking a predominantly agrarian India into the IoT era, a leap that is critical to the nation’s emergence as global production and economic powerhouse centres.

Hitachi’s global legacy and expertise on technological innovation have no less ignited a social revolution here. All these under Hitachi’s vision of Social Innovation Business, which demonstrates capabilities to connect the cyber and physical spaces and make them interact mutually, where professional knowledge and experiences matter the most.

Enabling Transformation in Rail Infrastructure

Hitachi India is transforming mobility in India. Through its proven capabilities that are globally trusted, Hitachi Rail India is ‘SHARING IN THE INNOVATION’ and co-creating a nation of the future. Globally, Hitachi has been providing safe, comfortable and environmentally friendly railway services to 18.5 billion people (4) every year. In India, Hitachi has been a long-standing partner to the Government of India providing solutions, services, and products that utilize cutting-edge digital technology at each step of the governance.

A case in point is the recent modernization of the signalling and telecommunication systems on the Ghaziabad–Kanpur section of Indian Railways, in the largest state of Uttar Pradesh. Hitachi Rail was involved in the critical project of design, engineering, supply, installation, testing and commissioning of equipment and associated accessories for the replacement and upgradation of signalling and telecommunication systems through modern Computer-controlled Electronic Interlocking System on the entire route. The solution involved providing an automatic block signalling system (Auto Signalling) and supplying and commissioning a fibre-optic cable (OFC) system. For the Ghaziabad-Mughal Sarai section, Hitachi’s mandate was also to build a GSM-R radio and telecommunication network to upgrade the system. Overall, Hitachi was instrumental in vastly increasing the section’s capacity, throughput, punctuality of freight and passenger trains operations ensuring full safety with its integrated Centralised Traffic Control (CTC) located at Tundla.

Hitachi Rail‘s indigenously manufactured Electronic Interlocking system controls more than 1,000 stations across the nation including Asia’s largest electronic interlocking system at Kharagpur Railway Station on the South Eastern Railway.

Hitachi Communication-Based Train Control (CBTC) signalling and telecommunication system is making daily travel faster, easier and safer for the many commuters who travel each day between Noida and Greater Noida on the Aqua Line metro.

This technology is also being deployed on the Kolkata East-West Metro, which is now in full operation between Salt Lake and Phoolbagan, and when completed will provide vital connectivity between the twin cities of Kolkata and Howrah.

Hitachi Rail has also been actively partnering the Government of India in evolutionary high-capacity, high-speed infrastructure projects for running 1,500m long-haul and double-stacked container freight trains. One such is the Western Dedicated Freight Corridor (WDFC). Hitachi is executing two projects-one, a complete signalling and telecommunication system for the 915 km (Rewari in Haryana to Vadodara in Gujarat) line involving 31 stations with facilities to connect and interchange with Indian Railways tracks running in parallel; the other is the installation of automatic train protection based on ETCS system of train protection and warning system (TPWS) for 1337 km (Rewari-Haryana-JNPT-Mumbai) line involving 43 stations and on-board system to be deployed on first 200 electric locomotives. A notable achievement has been the receipt of approval for Hitachi making Electronic Interlocking system for deployment on a larger network of DFCs under feasibility. This will also pave the way for wider use of Hitachi making Electronic Interlocking system in the modernization of bigger yards of Indian Railways due to its high capacity and compact design to suit bigger yards with 300 to 800 routes.

The Western Dedicated Freight Corridor once implemented will be able to operate freight trains with double-stack containers at speeds up to 100 kmph with hauling capacity up to 15,000 tonnes, a significant shift in the ways of freight operations on Indian Railways. It is also expected to substantially improve the freight movement capacity of the Railways and decongest the existing lines that are currently used for mixed traffic of freight and passenger trains. No doubt, the Dedicated Freight Corridor Corporation of India Limited (under the Ministry of Railways and as a key customer for Hitachi) will play a major role in India’s mass mobility growth in the years to come.

Sharing in the Innovation

Keeping mobility intrinsically, through innovative and cutting-edge IT solutions, Hitachi is committed to social empowerment, and is Powering Good by actively partnering with India’s visionary planners, implementers and operators to usher an environment-friendly transport infrastructure in India and co-create a better future helping people lead a richer, fulfilling life.

Know more about Hitachi Social Innovation

Know more about Mobility Solutions In India

See Powering Good in Action

Source 1:
https://www.weforum.org/agenda/2020/02/india-gdp-economy-growth-uk-france/
Source 2:
https://www.weforum.org/agenda/2019/01/india-will-overtake-the-us-economy-by-2030
Source 3:
https://www.india.gov.in/spotlight/smart-cities-mission-step-towards-smart-india
Source 4:
https://www.hitachi.com/sustainability/sdgs/business/index.html

This is a partnered post.

Sharing in The Dream, Co-Creating Mobility of The Future

Statistics abound that India, the world’s fifth largest economy as per International Monetary Fund October 2019, World Economic Outlook, will likely emerge as the second largest after China by 2030. The present day pandemic may have impeded the race to this milestone, but not stopped it. Conjoined with one of the youngest demographics and a burgeoning middle class society, this race puts India’s high-octane growth through several challenges, volatile business environment being one. The intense pressure of urbanization is another. With India planning to scale up and surge ahead on the economic front, greater emphasis should and, is being given, to infrastructure development. A robust and effective urban mobility solution, with sustainability and social innovation as its key ingredients, pivots this development.

 

 

 

 

 

 

The Indian Government has unleashed a development of scale. Under the “Smart Cities Mission”, among key efficiencies, it has focused on world- class urban mobility and public transport, and a robust IT connectivity and digitalization. It is necessary to build a futuristic urban mobility solution, particularly a sustainable mass transit system, given the increasing population and the pressure on the country’s resources.

Deploying Mobility of the Future

Overhaul and upgradation of the transportation system are imperative in addressing the new and burgeoning demands of urban living, especially with the influx of rural/semi-rural masses in the metro cities. It is also crucial to re-shape the way citizens will travel in the future. The development of a comprehensive mobility plan for tier 2 and 3 towns is imperative as well. And technology needs to play a catalyst in connecting the dots that define smart mobility. From infrastructure (state-of-the-art trains, with driverless operations enabled by smart signalling with dynamic headway, face recognition, people flow management, passenger information systems) to operations contactless ticketing, digital payments, asset management, remote train tracking and its efficiency (asset sweating) to process digitalization (employee productivity and work output) to even reducing accidents-smart mobility triumphs. India set the ball rolling on smart mobility quite some time back, in which Hitachi Rail has continued to play a significant role.

 

 

 

 

 

Reinforcing the value and commitment that the company brings to the nation, Mr Bharat Kaushal, Managing Director, Hitachi India, says, “Hitachi India has a key role in India’s urban mobility transformation plan as it tries to adapt to the evolving market dynamics. We are focused on offering smart mobility solutions, optimizing existing resources and aggregating last-mile connectivity across the country. These solutions are not only aligned with Government’s Make in India initiative, making India Self-Reliant but are also synergized with Hitachi’s commitment to ‘Powering Good’ by co-creating solutions that enhance social, environmental and economic values for the society and customers in India.”

Hitachi Rail’s partnership with the Indian government dates back to the 1950s – it delivered the country’s first steam locomotive and was one of the first companies to deliver the electric locomotive. This partnership at various levels has grown from strength to strength. With the implementation of metro rail systems, Hitachi has consistently demonstrated the comprehensive urban mobility solutions to contribute to peoples’ Quality of Life in India. Pioneering capabilities in technology deployment through advanced train control, Communication-Based Train Control (CBTC) signalling and telecommunication systems, trains (rolling stock) and seamless

 

 

 

 

 

*The train in the picture is only for Italy and not for sale in India transit systems are some of its transformational contributions. While Hitachi has strengthened its urban mobility business at the global level, Hitachi India is driving the transformation at the regional level in India and emerging as one of the global leaders in Social Innovation Business, which translates into ‘Powering Good,’ is now exhilarated to deploying globally proven technologies for the upcoming Urban Rail Transit Systems like Regional Rapid Rail, and Mass Transit opportunities of Metrorail and Metrolite (Trams). In a nutshell, Hitachi’s smart mobility technologies and solutions are remarkably transforming India’s transport ecosystem across metro cities, tier-1 and tier-2 towns, solving varied infrastructure challenges.

Making a difference through Social Innovation

Digital transformation has amplified the possibility of innovation, even in the optimization of resources. It is being pursued not only in mobility but across varied industries like manufacturing, agriculture, healthcare, retail, financial services, banking, national defence, and security to public utilities. By harnessing Operational and Information Technologies (OT x IT), Internet of Things (IoT) and big data analytics, India is redefining the way it engages with its citizens, thus improving their quality of life.

 

 

 

 

 

Hitachi is driving this transformation phenomenally. Hitachi’s innovative and globally recognised OT x IT solutions, data analytics, IoT-enabled interactive devices, Artificial Intelligence (AI) and robotics are changing lives of people in India.

Hitachi’s partnership with the Government of India on initiatives such as ‘Make in India’ and ‘Digital India’ is fast-tracking a predominantly agrarian India into the IoT era, a leap that is critical to the nation’s emergence as global production and economic powerhouse centres.

 

 

 

 

Hitachi’s global legacy and expertise on technological innovation have no less ignited a social revolution here. All these under Hitachi’s vision of Social Innovation Business, which demonstrates capabilities to connect the cyber and physical spaces and make them interact mutually, where professional knowledge and experiences matter the most.

Enabling Transformation in Rail Infrastructure

Hitachi India is transforming mobility in India. Through its proven capabilities that are globally trusted, Hitachi Rail India is ‘SHARING IN THE INNOVATION’ and co-creating a nation of the future. Globally, Hitachi has been providing safe, comfortable and environmentally friendly railway services to 18.5 billion people every year. In India, Hitachi has been a long-standing partner to the Government of India providing solutions, services, and products that utilize cutting-edge digital technology at each step of the governance.

A case in point is the recent modernization of the signalling and telecommunication systems on the Ghaziabad–Kanpur section of Indian Railways, in the largest state of Uttar Pradesh. Hitachi Rail was involved in the critical project of design, engineering, supply, installation, testing and commissioning of equipment and associated accessories for the replacement and upgradation of signalling and telecommunication systems through modern Computer-controlled Electronic Interlocking System on the entire route. The solution involved providing an automatic block signalling system (Auto Signalling) and supplying and commissioning a fibre-optic cable (OFC) system. For the Ghaziabad-Mughal Sarai section, Hitachi’s mandate was also to build a GSM-R radio and telecommunication network to upgrade the system. Overall, Hitachi was instrumental in vastly increasing the section’s capacity, throughput, punctuality of freight and passenger trains operations ensuring full safety with its integrated Centralised Traffic Control (CTC) located at Tundla.

 

 

 

 

 

Hitachi Rail‘s indigenously manufactured Electronic Interlocking system controls more than 1,000 stations across the nation including Asia’s largest electronic interlocking system at Kharagpur Railway Station on the South Eastern Railway.

Hitachi Communication-Based Train Control (CBTC) signalling and telecommunication system is making daily travel faster, easier and safer for the many commuters who travel each day between Noida and Greater Noida on the Aqua Line metro.

This technology is also being deployed on the Kolkata East-West Metro, which is now in full operation between Salt Lake and Phoolbagan, and when completed will provide vital connectivity between the twin cities of Kolkata and Howrah.

 

 

 

 

 

Hitachi Rail has also been actively partnering the Government of India in evolutionary high-capacity, high-speed infrastructure projects for running 1,500m long-haul and double-stacked container freight trains. One such is the Western Dedicated Freight Corridor (WDFC). Hitachi is executing two projects-one, a complete signalling and telecommunication system for the 915 km (Rewari in Haryana to Vadodara in Gujarat) line involving 31 stations with facilities to connect and interchange with Indian Railways tracks running in parallel; the other is the installation of automatic train protection based on ETCS system of train protection and warning system (TPWS) for 1337 km (Rewari-Haryana-JNPT-Mumbai) line involving 43 stations and on-board system to be deployed on first 200 electric locomotives. A notable achievement has been the receipt of approval for Hitachi making Electronic Interlocking system for deployment on a larger network of DFCs under feasibility. This will also pave the way for wider use of Hitachi making Electronic Interlocking system in the modernization of bigger yards of Indian Railways due to its high capacity and compact design to suit bigger yards with 300 to 800 routes.

 

 

 

 

 

The Western Dedicated Freight Corridor once implemented will be able to operate freight trains with double-stack containers at speeds up to 100 kmph with hauling capacity up to 15,000 tonnes, a significant shift in the ways of freight operations on Indian Railways. It is also expected to substantially improve the freight movement capacity of the Railways and decongest the existing lines that are currently used for mixed traffic of freight and passenger trains. No doubt, the Dedicated Freight Corridor Corporation of India Limited (under the Ministry of Railways and as a key customer for Hitachi) will play a major role in India’s mass mobility growth in the years to come.

Sharing in the Innovation

Keeping mobility intrinsically, through innovative and cutting-edge IT solutions, Hitachi is committed to social empowerment, and is Powering Good by actively partnering with India’s visionary planners, implementers and operators to usher an environment-friendly transport infrastructure in India and co-create a better future helping people lead a richer, fulfilling life.

Know more about Hitachi Social Innovation
Know more about Mobility Solutions
More Related Content

Sources:
https://www.weforum.org/agenda/2020/02/india-gdp-economy-growth-uk-france/

https://www.weforum.org/agenda/2019/01/india-will-overtake-the-us-economy-by-2030

https://www.india.gov.in/spotlight/smart-cities-mission-step-towards-smart-india

https://www.hitachi.com/sustainability/sdgs/business/index.html

 

 

 

 

 

 

This is a partnered post.