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Union Railway Minister Suresh Prabhu advocates major push for complete Digitalisation of Indian Railways

The conference focused on building a road map for transforming the Indian Railways into a completely digital enterprise

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New Delhi, March 27, 2017: Advocating major push for complete digitalisation of the Indian Railways, Union Railway Minister Suresh Prabhu on Monday said the move could prove to be a game changer as it would result in saving billions of dollars.

Prabhu said a holistic approach for digitalisation of the Railways in partnership with the IT industry would benefit both the Railways as well as the vendors who partner with it in different spheres.

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“We are working on an integrated, comprehensive strategy to leverage information technology for improvements in systems and processes, and to enhance efficiency,” Prabhu said at a conference on “Building Digital Railway for Digital India” here.

The conference focused on building a road map for transforming the Indian Railways into a completely digital enterprise.

“It (complete digitalisation) will be a game changer if the Railways can save six billion dollars by investing two billion dollars,” Prabhu said.

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The minister, however, warned that cyber security should be kept in mind while going for digital platforms.

The Indian Railways One Information and Communication Technology (IR-OneICT) Platform is an initiative to enable Indian Railways to deliver goods and services in tune with the demands by creation of logistics and transport capacity enabled by digital platform.

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It aims to use digital technology to better connect the goods and services with the market.

“The better capacity and asset utilisation would mean helping Indian Railways in running more trains, carrying more freight, providing better and reliable services to the passenger, increased revenues and safe operations,” a government statement said. (IANS)

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New Survey States the Urgent Need of Scaling up Digitalisation by the APAC Banks

APAC banks see payments (32 per cent) and personal loans (24 per cent) as areas that present the greatest opportunities for the future of digital banking

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FILE - The Bank of America Building, center, also known as the Superman building, stands among other buildings in downtown Providence, R.I., March 27, 2013. VOA

About 60 percent of Asia Pacific (APAC) banks either have no digital onboarding process for new customers, or only a part of it has gone online, according to a new survey on Thursday.

The region’s changing regulations (28 per cent) and the need to create digital know-your-customer (KYC) and anti-money laundering (AML) (21 per cent) solutions were cited as the two key challenges for APAC banks looking to acquire new customers online, said the study by analytics software firm FICO.

Garg, who is an Alternate Governor on the ADB Board, the ADB "strategy should focus more on West Asia and South Asia as interventions in East Asia are already done fairly well," the statement said.
Asian Development Bank HQ. Wikimedia Commons

However, 79 per cent of the banks have launched or are currently considering a separate digital banking offering to leapfrog challenges in acquiring new customers, the research showed.

APAC banks see payments (32 per cent) and personal loans (24 per cent) as areas that present the greatest opportunities for the future of digital banking.

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“In Asia, the identification processes used for services such as e-government, banking or telecommunications evolved independently of each other, leading to a fragmented approach with inconsistent levels of security,” Dan McConaghy, President of FICO in Asia Pacific, said in a statement. (IANS)