Cabinet Clears Rs 2,600 Crore Scheme To Promote RuPay Debit Card, BHIM-UPI

New Delhi:

The Cupboard on Wednesday permitted a Rs 2,600 crore scheme for selling RuPay debit playing cards and low-value BHIM-UPI transactions.

Beneath the scheme, banks will probably be offered monetary incentives for selling Level of Sale (PoS) and e-commerce transactions utilizing RuPay and UPI within the present monetary 12 months.

The choice on this regard was taken within the assembly of the Cupboard Committee on Financial Affairs (CCEA), headed by Prime Minister Narendra Modi.

“India’s strides in digital funds will probably be additional strengthened by right now’s Cupboard choice relating to promotion of RuPay Debit Playing cards and BHIM-UPI transactions,” Modi stated in a tweet.

The scheme would assist in constructing a sturdy digital cost ecosystem. It could additionally promote UPI Lite and UPI123PAY as economical and user-friendly digital funds.

In December alone, UPI achieved a report of 782.9 crore digital cost transactions with a price of Rs 12.82 lakh crore.

“The permitted incentive scheme for promotion of RuPay Debit Playing cards and low-value BHIM-UPI transactions (P2M) in FY 2022-23 has a monetary outlay of Rs 2,600 crore,” an official assertion stated.

Briefing reporters after the Cupboard assembly, Union Minister Bhupender Yadav stated this can assist in taking the digital cost system to MSMEs, the unorganised sector and farmers.

In 2021-22, the federal government permitted an incentive scheme in compliance with the price range announcement of 2021-22 to improve digital transactions. Within the 2022-23 Funds, the federal government introduced its intent to proceed the monetary assist.

The entire digital funds transactions have registered a year-on-year progress of 59 per cent, rising from 5,554 crore in 2020-21 to eight,840 crore in FY2021-22.

BHIM-UPI transactions have registered a year-on-year progress of 106 per cent, rising from 2,233 crore in FY2020-21 to 4,597 crore in FY2021-22.

The assertion additional stated that the Nationwide Funds Company of India (NPCI) had sought incentivisation of BHIM-UPI and RuPay Debit Card transactions to create an economical worth proposition for ecosystem stakeholders, improve service provider acceptance footprints and quicker migration from money funds to digital funds.

(Apart from the headline, this story has not been edited by NDTV employees and is revealed from a syndicated feed.)