⇒ The Union Cabinet, chaired by the Prime Minister Shri Narendra Modi, has approved an incentive scheme to promote RuPayDebit cards and low-value (upto Rs.2,000) BHIM-UPI transactions (Person-to-Merchant (P2M)] in the country. The approval of the incentive scheme was given on 15 December 2021.
Under the scheme, the acquiring banks will be incentivised by the Government, by way of paying percentage of value of transactions (P2M) done through RuPay Debit cards and low-value BHIM-UPI modes of payments.
The estimated financial outlay of the scheme is Rs 1,300 crore for a period of one year with effect from April 1, 2021.
This scheme will facilitate acquiring Banks in building robust digital payment ecosystem and promoting RuPay Debit card and BHIM-UPI digital transactions, across all sectors and segments of the population and further deepening of digital payments in the country.