The Union Cabinet approved an incentive scheme to promote RuPayDebit cards and low-value (upto Rs. 2,000) BHIM-UPI transactions in the country in December 2021.
Features: Banks will be incentivised by the Government, by way of paying percentage of value of transactions done through RuPay Debit cards and low-value BHIM-UPI modes of payments. The total financial outlay for the scheme is Rs. 1300 crore, for a period of 1 year, with effect from 1 April 2021.
Significance: It will facilitate banks in building robust digital payment ecosystem and promoting RuPay Debit card and BHIM-UPI digital transactions.It will help in further deepening of digital payments in the country.
