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Budget Allocation For Promoting Digital Payments Almost Halves
Inc42
·
1y ago
Medial
The allocation for promoting RuPay debit cards and low-value BHIM-UPI P2M transactions in FY24 is INR 2,485 Cr. However, the Union Budget 2024-25 did not allocate any funds for promoting digital payments. Amazon Pay India CEO Vikas Bansal recently stated that a MDR regime is necessary for smaller UPI players to receive their fair share.
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Govt reduces budgetary allocation for UPI and RuPay small value payments to Rs 1,441 crore
Economic Times
·
1y ago
Medial
The budget's reduced allocation of Rs 1,441 crore for incentivizing digital payments through RuPay debit cards and Unified Payments Interface (UPI) has caused concern among payment companies. This amount is significantly lower than the initial plan of Rs 3,500 crore mentioned in the interim budget. Payment startups are seeking clarification on how this reduced budget allocation will impact their businesses. The payments industry has been asking for subsidy support for the zero Merchant Discount Rate (MDR) regime in order to compensate for revenue loss. With UPI becoming mainstream, there is a need to reevaluate the zero MDR regime.
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Budget 2024: Allocation for MeitY increased by 52% to Rs 21,936 crore
Economic Times
·
1y ago
Medial
The Ministry of Electronics and Information Technology (MeitY) is set to receive a 52% increase in its budget allocation for 2024-25, reaching Rs 21,936.9 crore. This boost is primarily due to the capital allocation towards the development of the semiconductor and display manufacturing ecosystem in India, which has seen a significant 355% increase to Rs 6,903 crore. Additionally, Rs 551.75 crore has been allocated for the IndiaAI mission, aimed at strengthening the country's AI infrastructure. Notably, funds for rural digital literacy, PLI schemes for electronics, and the promotion of digital payments have not been allotted this year.
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Union Cabinet approves restructuring, extension of PM SVANidhi scheme for street vendors
Economic Times
·
15d ago
Medial
The Union Cabinet of India approved the restructuring and extension of the PM SVANidhi scheme for street vendors until March 31, 2030, with an allocation of Rs 7,332 crore. The scheme now offers increased loan limits and includes provisions for UPI-linked RuPay credit cards. It aims to enhance street vendors' entrepreneurship, financial literacy, and digital skills. The effort addresses vendors' financial struggles while promoting digital payments and formal economic integration, benefiting 1.15 crore street vendors.
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NPCI incorporates NPCI BHIM Services as a wholly-owned subsidiary
Economic Times
·
1y ago
Medial
The National Payments Corporation of India (NPCI) has announced the creation of its wholly-owned subsidiary, NPCI BHIM Services Ltd (NBSL). This move is aimed at meeting the rising demand for digital transactions and evolving market expectations, while promoting financial inclusion. The incorporation of NBSL reflects NPCI's commitment to facilitating digital payments and advancing financial inclusivity in India and beyond. This development will strengthen India's digital payment ecosystem and establish a sovereign digital payments framework.
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MobiKwik continues profitable streak for second quarter in a row
Economic Times
·
1y ago
Medial
Digital payments and financial services company MobiKwik has reported a profit for the second consecutive quarter in the fiscal year. For the quarter ending September 30, 2023, the company recorded revenues of INR 208 crore, a 17% increase from the previous quarter, and posted a total profit of INR 5 crore. Credit now contributes almost 60% of MobiKwik's topline, with the rest coming from digital payments, and the company is expanding its offerings in wealth management and personal loans.
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Banks, fintechs await UPI subsidy payouts amid cuts in total outlay
Economic Times
·
6m ago
Medial
Banks and fintech companies are waiting for the union government's subsidy payments to promote digital payments, as applications for disbursement have been filed but funds not yet released. This subsidy program helps compensate banks for losses from free merchant payments, but the budget for it was cut from Rs 3,500 crore to Rs 437 crore. Industry leaders are considering reintroducing merchant discount rates (MDR) for larger merchants to address financial strain on the UPI ecosystem.
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Paytm’s merchant payment push continues as June numbers show
Economic Times
·
2y ago
Medial
Paytm, the digital payments platform, continues its focus on merchant payments, as revealed by the June numbers. The company witnessed a significant increase in merchant transactions, both in terms of volume and value. This highlights Paytm's commitment to expanding its merchant network and promoting digital payments adoption among businesses, further strengthening its position in the Indian fintech ecosystem. The fintech major is deploying more terminals every month. In June, it deployed around 4 lakh new PoS machines, taking the overall GMV for the quarter north of Rs 4 lakh crore.
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RBI proposes increase in UPI Lite transaction limit to ₹500
Startup News FYI
·
2y ago
Medial
The Reserve Bank of India (RBI) has put forth a proposal to enhance the per transaction payment limit for UPI Lite in offline mode to ₹500. The central bank also introduced other measures aimed at promoting the widespread adoption and usage of digital payments within the country.
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Removed Angel Tax, taking policy measures to promote fintech sector: PM Modi
Economic Times
·
1y ago
Medial
Prime Minister Narendra Modi addressed the Global Fintech Fest, highlighting the government's efforts to support the fintech sector through policy changes such as the removal of Angel Tax. He stressed the need for regulators to take action against cyber fraud, which can harm startups. Modi praised fintechs for promoting financial inclusion and combating the parallel economy. He mentioned initiatives like the Digital Personal Data Protection Act and the allocation of funds for research and innovation. The Prime Minister also commended the role of digital technology in bringing transparency to the Indian economy, citing examples such as Direct Benefit Transfer and the success of UPI in enabling accessible financial services.
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Transforming Bharat’s finance landscape: The RUGR story - The Economic Times
Economic Times
·
1m ago
Medial
RUGR is revolutionizing rural finance in India by offering digital solutions tailored for cooperative banks and credit societies. Key offerings include Fin-Gram for automating loan processes, Agri-Gram for agricultural insights, RUGR Garuda for efficient payments, and Transfer-Gram for bulk transactions. With Hrithik Roshan as its ambassador, RUGR aims to bridge the digital divide in rural India, promoting financial inclusion and fostering a comprehensive economic transformation in the nation's underserved regions.
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