Search
Centre clears ₹2,600cr scheme to promote RuPay
January 12, 2023
The scheme has a financial outlay of ₹2,600 crore, announced Union Minister Bhupender Yadav on Wednesday. Under the 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.
Finance Minister Nirmala Sitharaman, in her Budget speech 2022-23, had 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.
In 2021-22, the government had approved an incentive scheme in compliance with the budget announcement to boost digital transactions. As a result, the government says, total digital payments transactions have registered a year-on-year growth of 59%, from ₹5,554 crore in 2020-21 to ₹8,840 crore in 2021-22. BHIM-UPI transactions have registered a growth of 106%, rising from ₹2,233 crore in ₹4,597 crore.
Important Links:
- 4-IN-1 Professional Diploma in Banking, Financial Services & Insurance (PDBFSI): https://tscfm.org/courses/4-in-1-professional-diploma-in-banking-financial-services-insurance-pdbfsi/