New Delhi, March 20 -- The Union Cabinet on Wednesday approved the extension of a Rs.1,500 crore incentive for the promotion of small-value BHIM-UPI (P2M) transactions. The new move, aimed to benefit common man and small merchants, will be applicable for transactions below Rs.2,000.

"The Union Cabinet chaired by the Prime Minister Shri 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 government said in a press release on the day.

Here is everything you need to know about the extension of the Rs.1,500 crore incentive to promote UPI transactions:

Under the new incentive, the Centre will promote low-value BHIM-UPI transactions...