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Corporate Laws Central Ministry of Finance Reserve Bank of India Act, 1934

Incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (Person to Merchant) for financial year 2023-24

12-Mar-2024 | No 9/27/2023

Ministry Of Finance has issued Incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (Person to Merchant) for financial year 2023-24.

By virtue of this notification it has been decided by the Government to incentivise the Banks and other payment system operators and app providers for promoting RuPay Debit Cards transactions and low-value BHIM-UPI transactions (upto ? 2,000) (Person-to-Merchant- P2M), for financial year 2023-24. The admissible incentive is to be calculated as per the transaction value processed on quarterly basis.

The Government approved the proposal to continue the ?Incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (Person to Merchant), for a period of one year and at a financial outlay of ? 3,500 Crore.

For the first, second, and third quarter of the scheme, 100 percent of the admitted claim amount for the bank to be disbursed and for the fourth quarter of the scheme, 90 percent of the admitted claim amount for RuPay Debit Card and 80 percent of the admitted claim amount for BHIM-UPI to be disbursed.

The reimbursement of the remaining percentage of the admitted claim amount for fourth quarter will be subject to fulfilment of the conditions in sub-clause (i) for RuPay Debit Card and sub-clauses (ii) and (iii) for BHIMUPI.

For details please refer the attachment.

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