Cabinet Approves Incentive Scheme for Promotion of Low-value BHIM-UPI Transactions (P2M)

  • The Union Cabinet approved the 'Incentive Scheme for promotion of low-value BHIM-UPI transactions (P2M)' for FY 2024-25 with an outlay of Rs 1,500 crore.
  • The scheme covers UPI (P2M) transactions up to Rs 2,000 for small merchants.
  • Incentive of 0.15% per transaction value will be provided for transactions up to Rs 2,000 for small merchants.
  • 80% of the admitted claim amount will be disbursed without conditions, while the remaining 20% is contingent upon:
    • Technical decline of the acquiring bank being less than 0.75%.
    • System uptime of the acquiring bank being greater than 99.5%.

Objectives:

    • Promote indigenous BHIM-UPI platform and achieve a total transaction volume of 20,000 crore ....
Do You Want to Read More?
Subscribe Now
To get access to detailed content

Already a Member? Login here

Take Annual Subscription and get the following Advantage
The annual members of the Civil Services Chronicle can read the monthly content of the magazine as well as the Chronicle magazine archives.
Readers can study all the material since 2018 of the Civil Services Chronicle monthly issue in the form of Chronicle magazine archives.
Be an Annual Subscriber

Govt. Magazines Exam Pointers