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Cabinet approved a Rs 2,600 billion plan to encourage BHIM-UPI low-value transactions and RuPay debit cards.

The Union Cabinet on Wednesday approved a Rs 2,600 crore plan to promote RuPay debit cards and low-value BHIM-UPI transactions in an effort to increase the country’s use of digital payments.

For encouraging Point of Sale (PoS) and e-commerce transactions using RuPay and UPI in the current fiscal year, banks will receive financial incentives under the plan (2022-23).

The government stated in a statement that the programme would support the development of a strong digital payment ecosystem and would promote UPI Lite and UPI 123PAY as affordable and user-friendly digital payment options in keeping with the program’s “Sabka Saath, Sabka Vikas” goal.

The government said that the exponential expansion of digital payment transactions over time, which facilitated the operation of businesses, even small shops, and maintained social distance throughout the Covid-19 crisis.

The Center provided figures to support its claim that total digital payment transactions increased by 59% year over year, from 5,554 crore in FY2020–21 to 8,840 crore in FY202–21. Transactions through BHIM-UPI increased by 106% year over year, from 2,233 crore in FY2020–21 to 4,597 crore in FY202–21.

The 2022–23 Union Budget statement, made by Finance Minister Nirmala Sitharaman, underlined the government’s intention to continue providing financial assistance for digital payments. The current year’s programme has been developed in accordance with that announcement. In accordance with the FY2021-22 budget release, the government also established an incentive programme for that fiscal year in order to further promote digital transactions.




Hi, my name is Nisha and I'm an educational journalist based in India. I've always been passionate about the power of education to transform lives, and that's what led me to pursue a career in journalism focused on this area. I completed my Bachelor's degree in English from Hindu College in Delhi in 2013 and then went on to earn my Master's in Journalism and Mass Communication from the Indian Institute of Mass Communication in 2017. During my studies, I also completed several short-term courses on Education in India, Sociology, and other related subjects to deepen my knowledge in this field. I'm particularly interested in improving access to quality education in rural areas, where students often face significant challenges. I've worked on a number of initiatives to address this issue, including advocating for better policies, resources, and practices that can make a difference. As an educational journalist, I'm passionate about using my platform to highlight important issues in the education space. I've covered a wide range of topics, including the impact of technology in the classroom, innovative approaches to teaching and learning, and the challenges facing students from marginalized communities. One of the things I love most about my work is the opportunity to constantly learn and grow. I'm an avid reader and believe that reading is key to expanding one's knowledge and perspective. I'm always seeking out new ideas and insights to help me better understand the world around me. In summary, as an educational journalist, I'm dedicated to using my skills and expertise to make a positive impact in the field of education. I'm committed to improving access to quality education for all students and to using my platform to raise awareness about important issues in this area.

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