February 9, 2017, Mumbai: Mahindra & Mahindra Ltd. (M&M Ltd.), an Indian multinational federation has partnered with IDFC Bank, to utilize the Aadhaar Payment Bridge System (ABPS) at one of its locations for payroll processing. This system makes payroll processing much simpler, while providing flexibility and easy portability of bank accounts to employees. Going forward, Mahindra is looking at rolling this system out across the entire Group.
This initiative aligns with the government’s vision to boost the digital economy. In fact, several plans were announced to boost digital transactions including Aadhaar Pay in the recent Union Budget.
“At Mahindra, Innovation is at the core of our business”, said Mr. V.S. Parthasarathy, Group CFO & Group CIO, Mahindra & Mahindra Ltd. “India is on the cusp of digital disruption and we believe in embracing this change. Aadhaar based payments will ensure that a single identification and authentication process is maintained for our employees, eliminating the need for multiple records. This will bring speed and simplicity to payroll processing, and is just the beginning of a number of new initiatives.”
Mr. Ajay Mahajan, Head – Wholesale Banking, IDFC Bank, said, “IDFC Bank uses technology extensively to ensure seamless systems and processes for clients and businesses. The Aadhaar-based salary payments solution has been customized for Mahindra & Mahindra Ltd. It embeds digital technology into HR and finance processes, enabling seamless salary credits and a better on boarding experience for employees. Considering the increased penetration of Aadhaar and the government’s push towards digitisation, this solution is scalable and can be used for corporate as well as retail transactions.”