Union Cabinet Approved Incentives For Rupay Debit Cards And Low Value BHIM UPI Transactions

Cabinet Meeting Decisions: Major decisions have been approved today in the meeting of the Union Cabinet to be held every Wednesday. After the meeting of the Union Cabinet chaired by Prime Minister Narendra Modi, some decisions related to economic matters have been announced today. With these, the general public will get ease in financial transactions and digital transactions and they will get incentives.

what are the decisions

The Union Cabinet has announced incentives or incentives worth about Rs 2600 crore. Under this, people will get incentives for the use of RuPay Debit Card and BHIM UPI for the financial year 2022-23. These incentives will be given on P2M (Person to Merchant) basis.

Cabinet Minister Bhupendra Yadav held a press conference

Discussing about the decision taken in the cabinet, Cabinet Minister Bhupendra Yadav said that under the incentives of Rs 2600 crore announced by the Central Government, MSMEs, farmers, laborers and industries will be eligible for payments made under BHIM UPI. Will get some discount. The central government has taken these steps to make digital payments easy and accessible.

Transaction through Rupay Card will get this big incentive

Bhupendra Yadav said that an incentive of 0.4 percent will be given on digital payments through Rupay card.

An incentive of 0.25 per cent will be given on transactions below Rs 2000 through BHIM UPI.

This incentive has been fixed at 0.15 per cent for digital payments through BHIM UPI for industry use such as insurance, mutual funds, jewellery, petroleum products and other segments.

Under this decision of the Union Cabinet, banks will also be given financial incentives. Through this, you will be able to get incentives in different ways on Point of Sale (PoS) and e-commerce transactions which will be done through Rupay card. You will also get some incentives on low value BHIM-UPI transactions.

Bhupendra Yadav told that the number of transactions done through UPI payment had come up to Rs 12 lakh crore in December, which is around 54 percent of the country’s total GDP. To increase it further, maximum incentives will be given under this Rs 2600 crore item.

Announcement to form three new co-operative societies

Bhupendra Yadav told that it has also been announced to form three new co-operative societies across the country.

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