Cabinet approves promotional incentives worth Rs 2,600 crore for Rupay debit cards, low value UPI transactions

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.

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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.