WHAT

e-Kuber is the core banking solution of the RBI, which enables each bank to connect their single current account across the country. Core banking solutions can be defined as a solution that enables banks to offer a multitude of customer-centric services on a 24x7 basis from a single location.

All the commercial banks, primary dealers, scheduled urban co-operative banks, insurance companies, and provident funds who maintain funds accounts and securities accounts with the Reserve Bank of India are members of this electronic platform.

Many financial activities like the auction of Government securities are done through e-kuber system. Similarly, sovereign gold bonds are available for subscription at the branches of scheduled commercial banks and designated post offices through RBI’s e-kuber system.

This system, implemented in 2012, is reported to be one of the foremost central bank-oriented core banking systems in the world. It is a payment system launched by the Reserve Bank of India with the goal of replacing traditional methods of government payments and others.

E-Kuber follows an entirely automated procedure. It is capable of processing 50,000 transactions at once. It aspires to replace the government’s existing payment system, which includes employee salaries as well as pensions for retirees.

DIFFERENCE BETWEEN E-KUBER AND NDS-OM

Government Security (G-Sec) is a tradeable instrument issued by the government. It acknowledges the government’s debt obligation. Such securities are short term (usually called treasury bills, with original maturities of less than one year) or long term (usually called Government bonds or dated securities with original maturity of one year or more).