Quick Summary
The Ministry of Finance initiates anIncentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (Person to Merchant) for the financial year 2023-24. Official copy of the notification is as follows MINISTRY OF FINANCE (Department of Financial Services) NOTIFICA
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FAQ :
The scheme incentivises banks and payment system operators to promote RuPay Debit Card transactions and low-value BHIM-UPI transactions (Person to Merchant, up to £2,000) for the financial year 2023-24.
The total financial outlay approved for the scheme is £3,500 crore.
£500 crore is allocated for RuPay Debit Cards and £3,000 crore for BHIM-UPI. The BHIM-UPI allocation can be used for RuPay Debit Cards, but not vice versa.
The scheme is valid for one year, from 1st April 2023 to 31st March 2024.
The scheme promotes indigenously-developed modes such as BHIM-UPI Lite, BHIM-UPI LiteX, UPI Conversational Payments (Hello! UPI), and BHIM-UPI 123Pay.
Reimbursement of claims to banks is done on a quarterly basis. For the first three quarters, 100% of the admitted claim is disbursed. For the fourth quarter, 90% for RuPay Debit Cards and 80% for BHIM-UPI are disbursed, with the remainder subject to meeting specific growth and feature enablement conditions.
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