Govt. Needs To Provide ₹2500 Crores Budgetary Support To Promote Cashless Transactions: Report

  • According to a report prepared by IIT-Bombay, the government of India needs to allocate ₹2500 crores in the annual budget to promote and support digital transactions through the BHIM-UPI app.

  • It will help users in saving substantial amounts on money transactions.

  • Presently, the customers have to pay a convenience charge on digital payments.

  • The report suggested, "a budgetary support to the tune of Rs 2,500 crore annually would on the one hand support BHIM-UPI and on the other render substantial savings on handling cash".

  • "RBI should refrain from creating an environment where, for pull payments initiated by merchants (effected by acquirer banks/payment aggregators (PAs) on behalf of merchants), the acquirer banks/PAs charge the consumers.", the report also said.

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