Under the said scheme, acquiring banks will be provided financial incentives, for promoting Point-of-Sale (PoS) and e-commerce transactions using RuPay Debit Cards and low-value BHIM-UPI transactions (P2M) for the current financial year.
Clarification came after media reports claimed RBI titled "Discussion Paper on Charges in Payment System" has discussion of service charge on UPI transactions.
Nirmala Sitharaman said that the services have been started in Bhutan under India's neighbourhood first policy.
To encourage digital transactions and move towards a less-cash economy, the government inserted a new provision, Section 269SU
The payment can be made through WBiFMS Mobile App that was introduced by the department in March 2019.
