Cabinet clears Rs 2,600 cr to promote RuPay debit card, BHIM transactions

The Union Cabinet chaired by Prime Minister Narendra Modi on Wednesday doubled the allocation for promotion of RuPay debit cards and low-value BHIM-UPI (Unified Payments Interface) transactions to Rs 2,600 crore for FY23 that aims at promoting digital payments across the country. 
 

The scheme was first announced in FY22 Budget with a financial outlay of Rs 1,300 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 (person-to-merchant) for the current financial year,” said Ministry of Electronics & IT in a statement. 
 

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