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Cabinet Approves ₹1,500 Crore UPI Incentive Scheme for Banks

Kumari Sonali

Cabinet Approves ₹1,500 Crore UPI Incentive Scheme for Banks:

The Union Cabinet has approved an incentive scheme of ₹1,500 crore for banks to promote Unified Payments Interface (UPI) transactions below ₹2,000 in FY 2024–25. Banks will receive a 0.15% incentive on such transactions made by small merchants, with a portion of the payout contingent on maintaining a reliable UPI infrastructure. The initiative aims to enhance digital payment adoption, particularly among small businesses, without imposing merchant fees.

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