Sunday, 28 July, 2024

Government Cuts Budget for UPI and RuPay Small Value Payments to Rs 1,441 Crore

The Indian government has reduced the budgetary allocation for Unified Payments Interface (UPI) and RuPay small value payments to Rs 1,441 crore. The cutback aims to streamline expenditures while maintaining support for digital payment infrastructure. This decision may affect the incentives provided to banks and financial institutions for promoting UPI and RuPay transactions, reflecting a shift in the government's fiscal strategy for digital payments.