Modi Government To Spend 1300 Crore Of Rupees To Encourage Transaction Through UPI Rupay Debit Card To Promote Digital Transaction


Digital Transaction: The government has taken a big decision to promote digital transactions. In the cabinet meeting chaired by Prime Minister Narendra Modi on Wednesday, a fund of Rs 1300 crore has been approved for giving discount on transactions with UPI, RuPay debit card with the aim of promoting digital transactions. .

Giving details of the decision, Minister of Railways, Telecom Electronics and Information Technology Ashwini Vaishnav said that the government will reimburse the transaction charges levied on digital payments to merchants as part of the Merchant Discount Rate (MDR). About Rs 1,300 crore will be spent in this, which will give a boost to digital transactions. Vaishnav said that 423 crore digital transactions worth Rs 7.56 lakh crore have taken place in November.

Actually, the entire focus of the government is on promoting digital transactions. Recently, the Prime Minister had said that this is the first time that mobile payments in the country have crossed the figure of ATM cash withdrawals last year. He said that complete digital banks without any bank branch has now become a reality in the country and in the coming 10 years it will become a normal thing.

Before 2014, less than 50 percent people had bank accounts, but in seven years, 43 crore Jan Dhan accounts were opened and all were linked with bank accounts. So far 69 crore RuPay cards have been issued, on which 1.3 billion transactions were done last year. Last month, 4.2 billion transactions were processed through UPI.

At the same time, to promote digital transactions, the Reserve Bank of India will soon launch UPI-based payment products for mobile customers having 55 crore feature phones in the country.

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