Budget 2017: Bonus, cash-back schemes to promote BHIM

Govt hopes to accelerate BHIM usage

GN Bureau | February 1, 2017


#Cashless Economy   #Budget 2017   #BHIM  

The government will promote BHIM, its mobile-based payment system, with  'referral bonus' and 'cash back' schemes, finance minister Arun Jaitley announced in the 2017 budget.

The government's BHIM stagnates at five million downloads.

Jaitley also announced that a merchant version of the IDFC Aadhaar Pay system will be launched soon. Aadhaar Pay currently allows users to make direct payments to each other without debit cards or other devices via bank accounts that have been linked to the Aadhaar number. The merchant version will allow shops and others to accept payments from Aadhaar Pay. Some 20 lakh Aadhar-compatible PoS machines will be deployed to popularise Aadhaar-based payments.

The finance minister also announced plans to deploy 10 lakh PoS machines across the country.

Comments

 

Other News

Dying cultural expressions

Every year since 2000, February 21 is observed as International Mother Language Day by United Nations Educational, Scientific and Cultural Organisation (UNESCO). It is to celebrate linguistic and cultural diversity, and multilingualism.

Need for state laws for compulsory registration of marriages

Indian women marrying NRIs, glamorous though it sounds, has recently become a cause of serious concern. The reason for this is the alarmingly high rates of desertion of women marrying NRIs, said a blog posted on the Niti Aayog website.    The blog ‘NRI: Non Reliabl

The rot at the top

CBI is supposed to be the last resort to catch the corrupt after all other options have not yielded the desired result. But, who will now tackle corruption now that two of the former top officials of the premier investigating agency are themselves facing charges.   India is s

Demonetisation is short-term challenges for long-term gains: Usha Ananthasubramanian

Post demonetisation, what are the challenges faced by banks? Post demonetisation, the major challenges are retention of CASA [current account, savings account] deposits, deployment of these funds, impact of spurt/decline in low-cost deposits on MCLR [marginal cost of fund

Universal Basic Income: The way forward

9.44 The irresistible force of even as powerful an idea as UBI will run into the immovable object of a resistant, pesky reality. So, what is the way forward, always remembering that the yardstick for assessment is not whether UBI can be perfect or faultless but only whether it can impr

Should action be taken against hospitals which have hiked the heart surgery cost?

Should action be taken against hospitals which have hiked the heart surgery cost?

Video

जल्द आएंगे 1000 रुपये के नए नोट
Digital Transformation Summit

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter