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Cabinet approves Rs 2,600 crore incentive for digital transactions

The incentive programme for the promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (person-to-merchant) for a period of one year starting in April 2022 has been authorised by the Union Cabinet, which is presided over by Prime Minister Narendra Modi.

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BHIM-UPI

The incentive programme for the promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (person-to-merchant) for a period of one year starting in April 2022 has been authorised by the Union Cabinet, which is presided over by Prime Minister Narendra Modi.

A budgetary investment of Rs 2,600 crore has been allocated for the incentive programme for the promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (P2M) in FY 2022–23. For the current fiscal year FY 2022–23, acquiring banks will get financial incentives under the aforementioned programme to encourage Point-of-Sale (PoS), e-commerce, and low-value BHIM–UPI transactions (P2M).

The government intends to maintain the financial support for digital payments introduced in the previous Budget, with an emphasis on encouraging usage of payment platforms that are affordable and user-friendly, the Finance Minister stated in her address on the Budget for FY 2022-23. The plan was created in accordance with the aforementioned Budget release.

In accordance with the FY2021–22 budget release, the government established an incentive programme in FY2021-22 to further promote digital transactions. Because of this, the overall volume of digital payment transactions has increased annually by 59%, from 5,554 crore in FY2020–21 to 8,840 crore in FY202–21. Transactions through BHIM-UPI increased by 106% year over year, from 2,233 crore in FY2020–21 to 4,597 crore in FY202–21.

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The Reserve Bank of India (RBI) and a number of other participants in the digital payments ecosystem raised concerns about the negative effects of the zero MDR regime on the development of the digital payments ecosystem. The National Payments Corporation of India (NPCI) also asked for the encouragement of BHIM-UPI and RuPay Debit Card transactions in order to develop a cost-effective value proposition for ecosystem stakeholders, expand merchant acceptance footprints, and hasten the transition from cash to digital payments.

The Indian government is launching a number of measures to promote digital payments all around the nation. Digital payment transactions have grown significantly during the past few years. Digital payments made it easier for businesses, notably small retailers, to operate during the Covid-19 crisis and contributed to the upkeep of social distance. In the month of December 2022, UPI set a record with 782.9 billion digital payment transactions worth $12.82 trillion.

This incentive programme will make it easier to develop a strong digital payment ecosystem and promote digital transactions using the BHIM-UPI and RuPay Debit Cards. In keeping with the goal of “Sabka Saath, Sabka Vikas,” the programme will also advocate for UPI Lite and UPI 123PAY as affordable and user-friendly digital payment options and help the nation’s adoption of digital payments across all industries and demographic groups.

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2024 Lok Sabha Elections

RJD leader Tejashwi Yadav says BJP’s 400 paar film has become a super flop on the first day itself

Tejashwi Yadav said the INDIA Bloc had held block wise meetings and the feedback that has come is very good that the BJP’s 400 paar film has flopped on day 1 of the Lok Sabha elections. He said the people of Bihar are aware and will teach BJP a lesson.

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After the first phase of the Lok Sabha election got completed, Rashtriya Janata Dal (RJD) leader Tejashwi Yadav on Saturday took a dig at the Bharatiya Janata Party and said that the BJP’s 400 paar film has become a super flop on the first day itself. The RJD leader told that the media that there is no competition in the first phase of the elections as Bihar will give shocking results this time.

Yadav added that the Mahagathbandhan is winning all 4 seats in the first phase. He said the INDIA Bloc had held block wise meetings and the feedback that has come is very good that the BJP’s 400 paar film has flopped on day 1 of the Lok Sabha elections. He said the people of Bihar are aware and will teach BJP a lesson.

Tejashwi Yadav said there is no competition in the first phase. He said the people of Bihar will give shocking results this time. He added the BJP government has not done anything for the people of Bihar. He said the promises made by Modi ji in 2014 and 2019 were not fulfilled. Yadav added the public is tired of BJP’s statements and false promises. He said the opposition has promised that they will give a special package to Bihar along with special status.

Tejashwi Yadav said today the rally is with Rahul Gandhi ji in Bhagalpur. The entire INDIA Bloc and the Mahagathbandhan are working together. The RJD leader pointed out that unemployment is the biggest issue in Bihar. He said other important issues being faced by the people of Bihar are poverty, inflation, investment in the state. He said Migration and floods are also issues which need to be looked at.  He added the people of BJP are very worried. He said the people of BJP say that they will abolish the Constitution. He said those who destroy the Constitution will themselves be destroyed.

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2024 Lok Sabha Elections

Prime Minister Narendra Modi takes dig at Rahul Gandhi, says like Amethi, Congress will lose its ground from Wayanad also

PM Modi is currently on a visit to Maharashtra for election campaigning, and is campaigning for Mahayuti’s candidates from the parliamentary seat of Nanded Prataprao Patil Chikhlikar.

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Prime Minister Narendra Modi on Saturday made a prediction and said Congress leader Rahul Gandhi will be driven away from his parliamentary constituency Wayanad and the party will have to find another safe seat for him. PM Modi, at a rally in Maharashtra’s Nanded, said Rahul Gandhi was chased away from Amethi by BJP leader Smriti Irani. PM Modi is currently on a visit to Maharashtra for election campaigning, and is campaigning for Mahayuti’s candidates from the parliamentary seat of Nanded Prataprao Patil Chikhlikar.

The Prime Minister said Congress ke shehzade, unhe bhi Wayanad mein sankat dikh raha hai…Jaise Amethi se bhagna pada, aap maan ke chaliye wo Wayanad bhi chodenge… (The Prince of Congress is facing a danger in Wayanad. Like he was made to escape Amethi, believe me, he will have to leave Wayanad as well).

PM Modi added Kerala Chief Minister Pinarayi Vijayan has blasted Congress leader in such a language that even he did not use for them. He said he is sure Congress will look for another safe seat for its Shahjada after voting in Wayanad is over. He claimed that in the first phase of the Lok Sabha elections, the people of the country voted for the BJP-led NDA. PM Modi said the INDIA bloc partners were fighting each other for 25 percent seats. He said if this is the situation now, what will they do after the election?

PM Modi addressed all the workers and leaders of other parties and said even if they felt that they are going to lose the elections then why should they work hard- he said they should work hard for democracy. Aaj nahin toh kal, kal nahin toh parso, parso nahin toh narso, arey kabhi to mauka aega (if not today, tomorrow, day after tomorrow, someday, you may get a chance).

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2024 Lok Sabha Elections

Lok Sabha Elections: Voter turnout 62.02% in Tamil Nadu till 5pm

The voter turnout in Tamil Nadu stands at 62.02%, while Uttar Pradesh records a turnout of 57.5%. Meanwhile, in West Bengal, voter participation surges to 77.5% as of 5 pm.

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The Lok Sabha elections 2024 began today, marking the onset of the world’s largest electoral event. Voting ended in all 39 Lok Sabha constituencies in Tamil Nadu with a total voter turnout of 62.02%. State BJP chief and Coimbatore Lok Sabha constituency candidate K Annamalai said, they were getting complaints from a large number of voters that their names were missing from the voters’ list.

This incident happened in many places. Annamalai said they are demanding re-poll in places where the names of a large number of voters were missing.He said they had a doubt that there was some political interference because the names of a large number of BJP caders were missing from the voters list.

 The voters in South Chennai showed lukewarm interest to participate in the election process and had a total voter turnout of 57.04% till 5pm. Although the overall percentage is poor, some areas like Thiruvanmiyur witnessed brisk polling from 7am onwards. Elderly, middle aged and young voters turned up and it was a family outing for many as they cast their vote.

Corporation volunteers assisted senior citizens with wheelchairs and guided them to their respective polling booths. The hot weather also had an impact on the polling as it reduced the voter turnout as many booths in the corporation school in MGR Nagar were seen deserted around noon. Senior citizens showed courage as they reached the polling booths in private vehicles to exercise their franchise.

Most of the polling booths had shamianas for voters so that they could wait in a queue. Some people even found refuge in the nearby buildings to save themselves from the scorching heat. The polling officials gave instructions to the voters to keep their phones switched off while they exercised their franchise. The security personnel at the polling booth also regulated traffic outside the polling booth in MGR Nagar.

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