Cashback And Awards Worth Rs. 340 Crore For Digital Payments

By : 16-Dec-2016
Cashback, Awards, Rs. 340 Crore,Digital Payments

In order to promote digital payments in India among the public, the government has today announced the Rs. 340 crore worth daily, weekly and mega awards for both consumers and merchants that are slated to start from December 25, Christmas Day.

In this regard, two new schemes have been announced, namely, Lucky Grahak Yojana and Digi Dhan Vyapar Yojana, that will be launched to commence from December 25. Since the day is celebrated as the Christmas Day; PM Narendra Modi has remarked these two new schemes as the ‘Christmas Gift to the nation’.

Niti Ayog CEO, Amitabh Kant, said that both schemes will cover small transactions that carry value ranging from Rs. 50 to Rs. 3000 and help in promoting digital payments primarily focusing on poor, lower middle class and small businesses sections in the society.

“The primary aim of these schemes is to incentivise digital transactions so that electronic payments are adopted by all sections of the society, especially the poor and the middle class,” Kant said.

He also said that Rs. 340 crore estimated expenditure is just for the first phase of the scheme, until April 14, and that going forward the government is ready to implement some other such measures to attain cashless economy.

The National Payments Corporation of India (NCPI) is handled the authority to supervise and also to conduct a technical audit of both the schemes at the back end operations.

The Lucky Grahak Yojana is set for consumers, in which a daily reward of Rs. 1000 will be awarded in a cashback mode to 15000 lucky winners for a period of 100 days from December 25 till April 13. The scheme also includes weekly prizes of Rs. 1 lakh, Rs. 10,000 and Rs. 5,000 for consumers actively participating in digital payments.

Another scheme, Digi Dhan Vyapar Yojana is targeted towards merchants who will be awarded weekly prizes of worth Rs. 50000, Rs. 5000 and Rs. 2500. 

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