Cabinet approves Rs 1,500 crore incentive scheme to promote small-value BHIM-UPI transactions

BENGALURU: The Union Cabinet on Wednesday approved the Rs 1,500-crore incentive scheme to promote BHIM-UPI transactions below Rs 2,000 for financial year 2024-25.

The incentive will be provided at the rate of 0.15% per transaction value for transactions up to Rs 2,000 pertaining to the category of small merchants, an official statement said.