Cabinet clears Rs 2,600 cr scheme to promote RuPay debit card: Officials

The Cabinet on Wednesday approved a Rs 2,600 crore scheme for promoting RuPay debit cards and low-value BHIM-UPI transactions

Cabinet clears Rs 2,600 cr scheme to promote RuPay debit card: Officials
Cabinet clears Rs 2,600 cr scheme to promote RuPay debit card: Officials
Press Trust of India New Delhi
1 min read Last Updated : Jan 11 2023 | 6:50 PM IST

The Cabinet on Wednesday approved a Rs 2,600 crore scheme for promoting RuPay debit cards and low-value BHIM-UPI transactions.

Under the scheme, banks would be provided financial incentives for promoting Point of Sale (PoS) and e-commerce transactions using RuPay and UPI in the current financial year.

It would help in building a robust digital payment ecosystem. The scheme would also promote UPI Lite and UPI123PAY as economical and user-friendly digital payments.

"Cabinet approves the incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (Person-to-Merchant)," said an official tweet.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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Topics :CabinetRuPayDebit cardBHIM appUPI transactionsmicrofinance industryBanking sector

First Published: Jan 11 2023 | 4:37 PM IST

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