The Union Cabinet on Wednesday approved promotional incentives for Rupay debit cards and low-value transactions of BHIM (UPI). Incentives worth Rs 2,600 crore have been approved for FY22-23 by the cabinet.
The Cabinet has said that incentives will be given on the use of Rupay debit cards and BHIM UPI.
There was a 7% growth in the total number of transactions compared with November when the total transactions stood at 730 crore, totalling a value of Rs 11,9 lakh crore – a month-on-month growth of 8%. Year-on-year, the number and value of transactions were up 71% and 55%, respectively.
Similarly, the December figures were also higher than that of October, when the total number of transactions stood at 730 crore – the first time ever it crossed 700 crore – totalling to value of Rs 12.11 lakh crore.
In 2022, the UPI platform saw 7,404 crore transactions for Rs 125 lakh crore. Meanwhile, some users experienced downtime on their third-party UPI apps on December 31, which the operators said was due to heavy traffic.
The Cabinet has also approved the setting up of a national level Multi-state cooperative export society under Multi-State Cooperative Societies (MSCS) Act, 2002.
“It’ll help in achieving the goal of ‘Sahakar Se Samriddhi ‘ through the inclusive growth model of cooperatives,” Union Minister B Yadav said.
