Incentive scheme for low-value UPI transactions will boost ease of living: PM Modi

The Union Cabinet headed by Modi on Wednesday approved an incentive scheme worth approximately Rs 1,500 crore to promote UPI transactions below Rs 2,000 for 2024-25, an official statement said.

Prime Minister Narendra Modi said on Wednesday that the incentive scheme for promoting low-value UPI transactions, which was approved by the Union Cabinet, will encourage digital payments and further improve "ease of living".

Reacting to a host of decisions taken by the Cabinet on Wednesday, he said the approval of construction of six-lane access controlled 29.219-km greenfield highway starting from JNPA Port (Pagote) to Chowk in Maharashtra is in line with the vision of PM Gatishakti and ensuring quicker connectivity to and from ports.

"This project will add momentum to the growth of the regions around Mumbai and Pune," Modi said in a post on X, lauding it as an important infrastructure project.

In another post, he said, "The Cabinet’s approval for a new Brownfield Ammonia-Urea Complex at BVFCL, Namrup, Assam will enhance domestic urea production, benefit farmers in the Northeast & Eastern India and create new employment opportunities." It will also strengthen the vision of an Aatmanirbhar Bharat by ensuring fertilizer security and promoting energy-efficient production, he added.

On the Cabinet's decision relating to the Rashtriya Gokul Mission (RGM), he said it will boost milk production, improve indigenous breeds and empower several dairy farmers. It is a major effort towards self-reliance in the livestock sector, he added.

The Union Cabinet headed by Modi on Wednesday approved an incentive scheme worth approximately Rs 1,500 crore to promote UPI transactions below Rs 2,000 for 2024-25, an official statement said.

Under the scheme, the government will bear MDR (Merchant Discount Rate) expense for payment of less than Rs 2,000 made by a person to a merchant.