Srinagar, March 20 -- The Union Cabinet on Wednesday approved an incentives scheme worth approximately Rs 1,500 crore to promote UPI transactions below Rs 2,000 for 2024-25, an official statement said.
Under the scheme, the government will bear MDR (Merchant Discount Rate) expense for payment of less than Rs 2,000 made by a person to a merchant.
"The Union Cabinet chaired by Prime Minister Narendra Modi today approved the 'Incentive Scheme for promotion of low-value BHIM-UPI transactions Person to Merchant (P2M)' for the financial year 2024-25," the statement said.
The incentive scheme for the promotion of low-value BHIM-UPI transactions (P2M) will be implemented at an estimated outlay of 1,500 crore from April 1, 2024, to March 31, 2025...