CEPT University, Ahmedabad will adopt online transactions from January 9, 2017 onwards. The varsity has taken this initiative to promote cashless transactions and avoid cash crunch which occurred after the demonetization. On the other hand, the varsity has also considered the advice made by UGC and HRD Ministry to adopt cashless transactions.
The officials of the CEPT University mentioned that the students would use their smart cards at printing and stationery outlets as well as canteens instead of cash money. All the transactions will be done online to ensure transparency in the financial matters. Around 1,500 students will go cashless in the first phase. It will be followed by faculty members at a later stage.
For this purpose, the varsity has issued smart cards to the students. The smart card acts as money and can be used at several facilities on the campus.
For availing the benefits of the smart card, the students have to recharge the card through cheque. There is no restriction on how much money a student can spend to recharge his/her smart card. Each and every facility on the campus which run operations through cash have been provided with a card reader. The students can swipe their smart card in the reader, and the amount automatically gets deducted from the card and reflects the remaining amount.
So far, 100 students have registered for a smart card, and the varsity is encouraging more number of students to avail this facility. The varsity has introduced smart cards only after holding consultations with the students.