Centre Clears Rs. 2600 Cr Scheme to Promote Digital Payments RuPay, BHIM, UPI

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2 years ago

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Centre Clears Rs. 2600 Cr Scheme to Promote Digital Payments RuPay, BHIM, UPI

The Indian government has approved an Rs. 2600 crore scheme aimed at promoting digital payment platforms, including RuPay, BHIM, and UPI. This scheme is aimed at encouraging the use of digital payment methods in the country and reducing the dependence on cash. The announcement of this scheme comes at a time when digital payments have seen a significant increase in usage due to the COVID-19 pandemic.

The scheme is expected to provide a significant boost to the digital payment ecosystem in India, which has seen a rapid increase in adoption in recent years. The government has also announced that the scheme will be implemented over a period of five years, starting from the current financial year. This move is expected to provide a significant impetus to the growth of digital payments in India, which is likely to see a surge in usage in the coming years.

The scheme is also expected to create job opportunities in the digital payment sector, as well as provide a boost to the fintech industry in the country. The government has also stated that the scheme is aimed at providing financial inclusion to the underserved and unserved segments of the population.

The government has also announced that the scheme will be implemented by the National Payments Corporation of India (NPCI), which is responsible for the development and management of the digital payment ecosystem in the country. The NPCI will be responsible for the implementation of the scheme and will work with various stakeholders to ensure its success.

Why this News is important:

The approval of the Rs. 2600 crore scheme aimed at promoting digital payment platforms, including RuPay, BHIM, and UPI, is a significant development in the Indian economy. The scheme is aimed at promoting digital payments and reducing the dependence on cash, which is a major step towards a more digital economy.

The COVID-19 pandemic has accelerated the adoption of digital payment methods, and this scheme is expected to provide a significant boost to the growth of the digital payment ecosystem in the country. The scheme is also expected to create job opportunities in the digital payment sector, as well as provide a boost to the fintech industry in the country.

The scheme is also aimed at providing financial inclusion to the underserved and unserved segments of the population, which is an important step toward achieving financial inclusion and promoting economic growth.

Historical context:

The Indian government has been promoting digital payments in the country for several years now. The launch of the Unified Payments Interface (UPI) in 2016 was a major step toward promoting digital payments, and the platform has seen rapid growth in usage in recent years.

The government has also launched several other initiatives aimed at promoting digital payments, including the Digital India campaign and the BHIM app. These initiatives have been successful in promoting the use of digital payment methods in the country, and the approval of the Rs. 2600 crore scheme is expected to provide a further boost to the growth of the digital payment ecosystem in India.

Key takeaways from the Rs. 2600 Cr scheme to promote RuPay, BHIM, and UPI are as follows:

Serial Number	Key takeaway
1.	The scheme aims to promote digital payment platforms, including RuPay, BHIM, and UPI, in the country.
2.	The scheme is expected to provide a significant boost to the growth of the digital payment ecosystem in India.
3.	The scheme will be implemented over a period of five years, starting from the current financial year.
4.	The National Payments Corporation of India (NPCI) will be responsible for the implementation of the scheme.
5.	The scheme is aimed at providing financial inclusion to the underserved and unserved segments of the population.

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Conclusion

In conclusion, the approval of the Rs. 2600 crore scheme is a significant development toward promoting digital payments in the country. The scheme is expected to provide a significant boost to the growth of the digital payment ecosystem in India, which is likely to see a surge in usage in the coming years. This scheme is also expected to create job opportunities in the digital payment sector, as well as provide a boost to the fintech industry in the country.