Cabinet clears ₹2,600 cr scheme to promote RuPay debit card
1 year, 11 months ago

Cabinet clears ₹2,600 cr scheme to promote RuPay debit card

Hindustan Times  

The Cabinet on Wednesday approved a ₹2,600 crore scheme for promoting RuPay debit cards and low-value BHIM-UPI transactions. "India's strides in digital payments will be further strengthened by today's Cabinet decision regarding promotion of RuPay Debit Cards and BHIM-UPI transactions," Modi said in a tweet. "The approved incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions in FY 2022-23 has a financial outlay of ₹2,600 crore," an official statement said. The statement further said that the National Payments Corporation of India had sought incentivisation of BHIM-UPI and RuPay Debit Card transactions to create a cost-effective value proposition for ecosystem stakeholders, increase merchant acceptance footprints and faster migration from cash payments to digital payments.

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