SC: Readiness for Agreement Execution Must be Proven From Agreement Date, Not Only After Suit Filing  ||  Supreme Court: Long Gap Without Similar Criminal Conduct May Mitigate Sentence  ||  Supreme Court: Loss of Right Leg Constitutes 100% Functional Disability for a Mason  ||  Del HC Orders Fresh All India Tennis Association Elections by Sept 30, Sets Timeline for Amendments  ||  Bombay High Court Permits 26-Week Pregnancy Termination Due to Fetal Anomalies, Financial Hardship  ||  Uttarakhand High Court: NH Act Authority Cannot Challenge Collector-Fixed Circle Rate  ||  Consumer Court Directs Amazon, Seller to Pay Rs.4.68 Lakh to Customer as Compensation  ||  MP HC: Pension is a Proprietary Right and Cannot be Withheld unless Grave Misconduct is Proved  ||  HP High Court: ITBP Constable Removal For Affair Disproportionate; Orders Compulsory Retirement  ||  Calcutta High Court: Trade Licence Not Required For Advocates’ Partnership Registration    

Cabinet approves the incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions - (11 Jan 2023)

Banking

Cabinet Committee of Economic Affairs headed by Prime Minister has approved the incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (person-to-merchant) for a period of one year from April 2022. The approved incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (P2M) in FY 2022-23 has a financial outlay of ₹ 2,600 crore. Under the said scheme, acquiring banks will be provided financial incentive, for promoting Point-of-Sale (PoS) and e-commerce transactions using RuPay Debit Cards and low-value BHIM-UPI transactions (P2M) for the current financial year FY 2022-23.

The Finance Minister, in her speech on the Budget for FY2022-23, announced Government’s intent to continue the financial support for digital payments announced in the previous Budget, with a focus on promoting use of payment platforms that are economical and user-friendly. The scheme has been formulated in compliance with the aforesaid Budget announcement. The Government of India is taking various initiatives for promotion of digital payments across the country. Over past years, digital payment transactions have witnessed tremendous growth. During the Covid-19 crisis, digital payments facilitated functioning of businesses, including small merchants, and helped in maintaining social distancing. UPI has achieved a record of 782.9 crore digital payment transactions with a value of ₹ 12.82 lakh crore in the month of December 2022.

This incentive scheme will facilitate building of a robust digital payment ecosystem and promoting RuPay Debit Card and BHIM-UPI digital transactions. In-line with the objective of ‘Sabka Saath, Sabka Vikas’, the scheme will also promote UPI Lite and UPI 123PAY as economical and user-friendly digital payments solutions and enable further deepening of digital payments in the country, across all sectors and segments of the population.

Tags : INCENTIVE SCHEME   APPROVAL   RUPAY DEBIT CARDS  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved