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Incentive scheme to promote RuPay debit card BHIM-UPI

Published on January 12, 2023
Current Context: The Indian government recently approved an incentive scheme worth Rs 2,600 crore to encourage low-value BHIM-UPI transactions and Rupay debit cards used in the current fiscal year. A meeting of the Cabinet Committee on Economic Affairs (CCEA), chaired by Prime Minister Narendra Modi, was where the decision was reached.
Incentive scheme to promote RuPay debit card BHIM-UPI
  • Union Minister Bhupender Yadav announced incentives for utilizing BHIM-UPI and RuPay debit cards. Banks will utilize these incentives to encourage Point of Sale (PoS) and e-commerce transactions using RuPay and UPI.
  • This program is in keeping with the government's intention to continue encouraging digital payments, which was mentioned in Union Finance Minister Nirmala Sitharaman's budget statement from the previous year. To create a strong digital payments ecosystem in India, the emphasis was on promoting affordable and user-friendly digital payment solutions.
  • In December 2022, there were a record number of transactions over UPI or Unified Payments Interface. It has become a well-liked digital payment mechanism in India with 782.9 crore digital payment transactions totaling Rs 12.82 lakh crore.
  • The program will also advertise UPI Lite and UPI123PAY as affordable and straightforward digital payment options.
  • The establishment of three new cooperatives to promote exports, organic products, and seeds have also received official approval in India. The establishment of the National Export Society, National Cooperative Society for Organic Products, and National Level Multi-state Seed Cooperative Society has been approved by the Cabinet, according to Union Minister Bhupender Yadav.

Question: 

Q.1 Which of the following best describes the recent incentive scheme approved by the Indian government?
a. A scheme to promote the use of electric vehicles in India
b. A scheme to provide financial assistance to farmers in India
c. An incentive scheme worth Rs 2,600 crore to promote Rupay debit card and low-value BHIM-UPI transactions in the current financial year
d. A scheme to promote the use of renewable energy sources in India
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