Centre Approves Rs 2,600 Crore Incentive Scheme To Promote Rupay Debit Card, Bhim UPI Transactions

Rupay Debit Card, Bhim UPI Transactions Latest Update: Giving details, Union Minister Bhupender Yadav said these incentives will be given on the use of Rupay debit cards and BHIM UPI.

Written by: Manmath Nayak

Published: January 11, 2023, 3:51 PM IST

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https://www.india.com/business/rupay-debit-card-bhim-upi-transactions-latest-update-centre-approves-rs-2600-crore-incentive-scheme-to-promote-rupay-debit-card-bhim-upi-transactions-bhupender-yadav-5848790/ Copy

The Union Cabinet had in 2021 approved an incentive scheme to promote RuPayDebit cards and low-value (upto Rs 2,000) BHIM-UPI transactions.

New Delhi: The Union Cabinet on Wednesday approved a Rs 2,600-crore incentive scheme to promote Rupay debit card and low-value UPI transactions in FY23. This was announced by Union Minister Bhupender Yadav.

Giving details, he said these incentives will be given on the use of Rupay debit cards and BHIM UPI.

Cabinet approves Rs 2,600 crore incentive scheme to promote Rupay debit card, BHIM UPI transactions: Union Minister Bhupender Yadav

— Press Trust of India (@PTI_News) January 11, 2023

Furthermore, Yadav said the Cabinet has approved a plan to set up three new cooperatives to promote exports, organic products and seeds.

Prior to this, the Union Cabinet, chaired by PM Modi, had in 2021 approved an incentive scheme to promote RuPayDebit cards and low-value (upto Rs 2,000) BHIM-UPI transactions (Person-to-Merchant (P2M)] in the country.