PM Modi calls important meeting to discuss steps to promote Bhim UPI and RuPay debit card

Digital Payments: In a crucial meeting called by PM Narendra Modi this week, to discuss steps to promote BHIM UPI and RuPay Debit Card. The meeting will be attended by the Cabinet Secretary and Finance Ministry officials. 

A decision is likely to be taken on compensation of MDR value on RuPay debit card transactions. 

Banks have not been promoting RuPay Debit Card due to non-imposition of MDR. It is also speculated that RuPay Debit Card and BHIM UPI may receive approval from the Union Cabinet.

Steps to promote digital payments

Since the imposition of ban on Paytm by RBI, the government has been taking proactive steps to promote other modes of digital payments.

As per sources, the government does not want a monopoly in the digital payments system.

Finance Minister Nirmala Sitharaman had held a meeting with Fintech companies and deemed correct RBI's action on Paytm.

The finance minister had chaired a meeting with top executives of around 50 fintech firms to discuss regulatory issues being faced by them and impressed upon them to strictly comply with the norms. 

The FM had also asked the Reserve Bank of India (RBI) to hold monthly meetings with startup and fintech firms to address their concerns.

Also Read- FM Nirmala Sitharaman chairs meeting with top executives of 50 fintech firms