Cabinet - Rightsofemployees.com

Cabinet approves “Incentive scheme” for promotion of low-value UPI transactions (P2M)

Jyoti — Thu, 20 Mar 2025 05:28:32 +0000

A big decision has been taken in the Union Cabinet regarding UPI. On Wednesday, March 19, the government approved an ‘incentive scheme’ aimed at promoting BHIM-UPI transactions with small transactions for the financial year 2024-25.

This scheme with an estimated cost of Rs 1500 crore will benefit small traders. According to the instructions, small merchants can get 0.15% incentive on UPI person-to-merchant (P2M) transactions up to Rs 2000. In contrast, large merchants will not get any incentive for such transactions. Under this scheme, small merchants will be given an incentive amount of 0.15% per transaction on transactions up to Rs 2000.

The official statement issued by the government states that the objective of this initiative is to facilitate convenient, safe and fast cash flow. Also, better access to loans is to be provided through digital transactions. This will provide the benefit of payment facilities to the common citizens without any additional charges.

The implementation of this incentive scheme will help small merchants to access UPI services without any additional cost. Since small merchants are price sensitive, these incentives will encourage them to accept UPI payments.

Every quarter, 80% of the accepted claim amount from the acquiring banks will be disbursed without any conditions. However, the remaining 20% of the accepted claim amount for every quarter will be disbursed subject to several conditions.

10% of the sanctioned claim will be disbursed only if the technical degradation of the acquiring bank is less than 0.75% and the remaining 10% of the sanctioned claim will be disbursed only if the system uptime of the acquiring bank is more than 99.5%.

Objective of this scheme

Promoting indigenous BHIM-UPI platform.
The aim of this initiative is to achieve a cumulative UPI transaction value of Rs 20,000 crore by FY 2024-25.
Since 2020, the government is promoting digital transactions by eliminating Merchant Discount Rate (MDR) on RuPay debit card and BHIM-UPI transactions.
In the last three years, the government has provided incentives worth over Rs 7,000 crore to banks and payment service providers to promote digital transactions.
To support payment system participants in developing a robust and secure digital payment infrastructure.
Expanding the reach of UPI from Tier 3 to Tier 6 cities, focusing on rural and remote areas, by introducing innovative products like feature phone based (UPI 123PAY) and offline (UPI Lite/UPI LiteX) payment solutions.

Benefits of this scheme

Offers convenience, security, quick cash flow and improved credit access through digital footprint.
Provides seamless payment options to the general public without any additional charges.
Allows small businesses to use UPI services without incurring additional costs. Incentives can motivate them to adopt UPI payments.
To support the government’s objective of promoting a cashless economy by documenting transactions digitally.
Banks must maintain high system uptime and low technical degradation to be eligible for the 20% incentive, thereby guaranteeing the uninterrupted availability of payment services to the public.

Related Articles:-

The post Cabinet approves “Incentive scheme” for promotion of low-value UPI transactions (P2M) first appeared on Rightsofemployees.com.

Cabinet approves One Nation One Subscription (ONOS)

Jyoti — Tue, 26 Nov 2024 05:14:43 +0000

New Delhi. The Union Cabinet took several important decisions in the meeting on Monday (25 November). Taking a big decision for the farmers in the meeting, it was decided to create a National Mission on Natural Farming (NMNF) for natural farming.

Apart from this, the cabinet also approved the implementation of One Nation One Subscription for students.

Union Minister Ashwini Vaishnav said that Rs 2481 crore will be spent on the National Natural Farming Mission and 1 crore farmers will be covered under it. Apart from this, an ecosystem will be created for natural farming. He said that the Government of India has started the National Natural Farming Mission to promote natural farming in mission mode across the country.

Youth and students will get the benefit of ‘One Nation One Subscription’

Vaishnav said in the cabinet briefing, “Youth and students will get the biggest benefit of ‘One Nation One Subscription’. We all know that high quality publications are required for research. In One Nation One Subscription, all the universities will share their resources. The government will bring all the world famous journals. Their subscription will be taken and then made available to all the educational institutions of the country, it has been estimated to cost around Rs 6,000 crore. ”

Atal Innovation Mission 2.0 approved

Vaishnav said that Atal Innovation Mission was started in India to bring the youth forward in innovation and entrepreneurship. Today the Union Cabinet has approved Atal Innovation Mission 2.0 with an estimated cost of Rs 2,750 crore. We have received inputs that students face problems. There was no local language concept in its first version. 30 such innovation centers will be opened which will work in local language.

PAN 2.0 announced

Vaishnav said that the government has approved PAN 2.0, under which Permanent Account Number (PAN) will be upgraded for free with QR code. Rs 1435 crore will be spent on the PAN 2.0 project.

Ration Card Rules: Cabinet approves continuation of supply of free Fortified Rice under PMGKAY

Jyoti — Fri, 11 Oct 2024 06:28:34 +0000

Ration Card Rules: If you are also a ration card holder and take advantage of the free ration scheme run by the government, then this news is useful for you. Yes, the government has given a big gift to the ration card holders.

The Union Cabinet has decided to continue the free supply of nutritious rice. It was decided to continue it till the year 2028 at a cost of Rs 17,082 crore under the Food Law and other welfare schemes.

The decision was taken under the chairmanship of PM Modi

Fortified rice, which is rich in nutrients, is considered important for solving anemia and removing the deficiency of micronutrients in people. This decision was taken in the Union Cabinet meeting chaired by Prime Minister Narendra Modi. In the process of making rice nutrient-rich, ‘fortified’ rice kernel (FRK) rich in micronutrients (iron, folic acid, vitamin B12) is mixed with regular rice (custom milled rice) as per the standards set by the Food Safety Standards Authority of India (FSSAI).

Approval to continue free supply of fortified rice

According to the official statement, the cabinet has approved the continuation of free supply of fortified rice from July 2024 to December 2028 under the Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) and other welfare schemes. Giving information about the decision taken in the cabinet, Information and Broadcasting Minister Ashwini Vaishnav said that the total budget for the supply of free fortified rice would be Rs 17,082 crore. This entire expenditure will be borne by the central government. According to the statement, the initiative to make rice nutrient-rich will continue as a central sector initiative.

Let us tell you that Prime Minister Modi had talked about the need for nutritional security in his address on the 75th Independence Day. The government said that an initiative has been taken to ‘supply fortified rice to all states and union territories (UTs) through Targeted Public Distribution System (TPDS), other welfare schemes, Integrated Child Development Services (ICDS), PM Poshan’. In April 2022, the Cabinet Committee on Economic Affairs (CCEA) had decided to implement the rice fortification initiative across the country in a phased manner by March 2024.

All three phases have been successfully completed and the target of providing nutrient-rich rice in all government schemes has been achieved by March 2024. The government said in a statement, ‘According to the National Family Health Survey (NFHS-5) conducted between 2019 and 2021, anemia remains a widespread problem in India, affecting children, women and men of different age groups and income levels.

Cabinet approves 12 industrial Smart Cities, will cover 10 states, know details

Jyoti — Wed, 28 Aug 2024 11:07:06 +0000

The Union Cabinet has approved 12 Industrial Smart City Project. Under the project, 10 lakh people are likely to get direct employment and 30 lakh people are likely to get indirect employment. Union Minister Ashwini Vaishnaw said that the total cost of the project will be Rs 28,602 crore.

The Union Cabinet has approved 12 Industrial Smart City Project. Under the project, 10 lakh people are likely to get direct employment and 30 lakh people are likely to get indirect employment. Union Minister Ashwini Vaishnaw said that the total cost of the project will be Rs 28,602 crore. It will have an investment potential of Rs 1.52 lakh crore. He said that these Industrial Smart Cities are being built under the National Industry Development Corridor Program (NIDCP). 10 states will be covered through this scheme. They have been strategically planned along 6 major corridors.

Union Minister Ashwini Vaishnav told in the press conference that the government will spend Rs 28,602 crore on these projects. The Cabinet has approved the development of 12 industrial smart cities under the National Industry Development Corridor Program. These industrial areas will be developed in Khurpiya in Uttarakhand, Rajpura-Patiala in Punjab, Dighi in Maharashtra, Palakkad in Kerala, Agra and Prayagraj in UP, Gaya in Bihar, Zaheerabad in Telangana, Orvakal and Kopparthi in Andhra Pradesh as well as Jodhpur-Pali in Rajasthan. An investment of Rs 1.5 lakh crore is expected in these industrial centers.

Soon after the Cabinet meeting, the DG of PIB posted on X and said that India will soon have a grand garland of industrial smart cities on the spine of the Golden Quadrilateral, as the Cabinet has approved 12 world-class greenfield industrial smart cities under the National Industry Development Corridor Program. The approval of 12 new industrial smart cities under NIDCP is an important milestone in India’s journey to become a global manufacturing power.

Also Read- UPS scheme: How many government employees will get the benefit of UPS? Details are here

Know list of 12 cities

Khurpiya – Uttarakhand
Rajpura-Patiala – Punjab
Dighi – Maharashtra
Palakkad – Kerala
Agra and Prayagraj – Uttar Pradesh
Gaya – Bihar
Zaheerabad – Telangana
Orvakal and Kopparthi – Andhra Pradesh
Jodhpur and Pali – Rajasthan

The Cabinet has also approved three infra projects of Railways.

Jamshedpur Purulia Asansol (Third Line – 121 km)
Approval of 37 km long new double line from Sardega in Sundargarh district to Bhalumuda in Raigarh district
Approval of 138 km long new line from Bargarh Road to Navapara (Odisha)