PM launches incentive scheme for BHIM

PM launches incentive scheme for BHIM

PM launches incentive scheme for BHIM

Now, you don't even need a mobile phone. While APB will serve as a repository between banks and customers, AEPS will authenticate the online process.

An official statement, said, the announcement will be made by the PM, at a function, to mark the eve of 126th birth anniversary of Dr Bhim Rao Ambedkar. "Time is not far when we will have premises-less, paperless banking". "It will become a part of our lives".

BHIM was launched after demonetisation in November previous year as a payment app for peer-to-peer financial transactions. SBO alone has deployed over 3 lakh terminals followed by HDFC Bank and ICICI Bank.

BHIM-Aadhaar is the merchant interface of the BHIM App. The central government has reportedly invested Rs 495 crores for a period of six months in the scheme. "All middlemen will be eradicated".

With a turnout of over 15 lakh from cities, small towns and villages, the melas have enabled lakhs to open new bank accounts as well as create new Aadhaar cards.

Aadhaar Pay also would not charge Merchant Discount Rate (MDR), which is the charge paid by the merchants to a bank merchant for accepting digital transactions through credit or debit cards.

"BHIM-Aadhaar will be the first of its kind in the world. Also, we need to encourage digital transactions".

He announced two new incentive schemes for the BHIM app-cashback (for merchants) and referral bonus (for customers). Nearly 715,000 merchants are already on the BHIM platform, the government said.

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The Digi Dhan movement was a "safai abhiyan" and it would fight the menace of corruption and black money and also "help realize Ambedkar's dream of equality for all", he stressed.

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Till November 2016, the volume of all digital transactions was 280,000 or worth Rs 101 crore, which zoomed 23 times to 6,380,000 digital transactions valued at Rs 2,425 crore.

The Prime Minister pointed out that lowering cash use will lead to big savings. They use Instagram for breaking news stories and favor videos, while the selfie has taken the place of the traditional handshake photo for world leaders and diplomats. "That money can be used for building homes for the poor", he said. "Other countries will adopt it and India will be the catalyst", he said.

Joining the culmination of the DigiDhan Mela, Modi presented awards to the mega draw winners of Lucky Grahak Yojna and DigiDhan Vyapar Yojna.

About 5,000 students from colleges and other professional courses have been roped in to engage with farmers under the referral scheme for the BHIM-Aadhaar Pay app, which give incentives to spread its use.

Before inaugurating these schemes and the app, the Prime Minister Narendra Modi went to pray at Deekshabhoomi in Nagpur, a holy spot closely associated with Dr Ambedkar.

Prasad said the app will boost "transparency and honesty".

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