Q. With reference to the Incentive Scheme for Promotion of Low-Value BHIM-UPI Transactions (Person to Merchant – P2M), how many of the following statements are correct?
1.It targets UPI payments of less than ₹2,000, specifically for transactions with small merchants.
2.No incentives will be provided to banks for payments above ₹2,000.
3.RuPay Credit Cards are being promoted under this scheme to expand UPI usage in rural areas.
Select the correct answer using the codes given below:
Answer: B
Notes:
Explanations –
Statements 1 and 2 are correct. The scheme provides a 0.15% incentive for UPI Person-to-Merchant (P2M) transactions up to ₹2,000, specifically benefiting small merchants. Transactions above ₹2,000 are not eligible for incentives under this scheme. The scheme aims to encourage banks and merchants to expand UPI adoption.
Statement 3 is incorrect. It promotes UPI services like UPI 123PAY and UPI Lite to increase adoption in rural and remote areas.
Source: The Hindu
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