Home India Ministry of Finance Publishing of Notification...
Date: 2025-03-21 Category: Extra Ordinary State: Union Government Country: India

Publishing of Notification

Issued by Ministry of Finance · Department of Financial Services

Research with AI Agent Chat with Document Generate Summary Translate Helpful Share Add to Project Create Task

Executive Summary & Key Takeaways

What it means

  • The gazette notification announces the implementation of an incentive scheme for the promotion of low-value BHIM-UPI transactions (Person to Merchant or P2M) for the financial year 2024-25.
  • The scheme aims to further boost digital payments in India by incentivizing banks, payment system operators, and app service providers to promote low-value BHIM-UPI transactions, specifically benefiting small merchants.
  • The scheme provides incentives for UPI (P2M) transactions up to ₹2,000 for small merchants, defined as those with a turnover up to ₹20 lakh during the previous financial year.

Key Changes

  • The government will implement an incentive scheme with an estimated outlay of ₹1,500 Crore to promote low-value BHIM-UPI transactions (P2M).
  • The scheme will be in effect for one year, from April 1, 2024, to March 31, 2025.
  • Incentives will be provided at a rate of 0.15% per transaction for UPI (P2M) transactions up to ₹2,000 pertaining to small merchants.
  • Disbursement of claims submitted by banks will be made quarterly, with 80% of the admitted claim amount disbursed unconditionally and the remaining 20% contingent upon meeting technical decline and system uptime criteria.
  • The Department of Financial Services (DFS), in consultation with the Financial Advisor (DFS) and NPCI, may review the utilization of funds and make changes to the scheme as needed.
  • Acquiring banks can receive an additional 10% of the admitted claim if their technical decline is less than 0.75%.
  • Acquiring banks can receive a further 10% of the admitted claim if their system uptime is greater than 99.5%.

Impact Analysis

Banks and Payment System Operators

  • Action Item: Banks need to establish processes for submitting claims on a quarterly basis.

Small Merchants

  • Action Item: Small merchants should ensure they meet the RBI's definition of a small merchant (turnover up to ₹20 lakh during the previous financial year).

Consumers

  • No specific action items for consumers.

NPCI

  • Action Item: NPCI should monitor the scheme's performance and provide recommendations to DFS for improvements.

Government (DFS)

  • Action Item: DFS should monitor the scheme's impact on digital payment adoption and make adjustments as needed to maximize its effectiveness.

Key Entities Referenced

BHIM-UPI: Bharat Interface for Money - Unified Payments Interface, a mobile payment system developed by NPCI. DFS: Department of Financial Services, Ministry of Finance, Government of India. NPCI: National Payments Corporation of India, an organization that operates retail payments and settlement systems in India. RBI: Reserve Bank of India, the central bank of India. RBI/2017-18/105 DPSS.CO.PD No. 1633/02.14.003/2017-18 dated 07th December, 2017: RBI notification defining small merchants for digital payment transactions.
Official Source Record View Original Source →
See Full Document Text
रजिस्ट्री स.ं डी.एल.- 33004/99 REGD. No. D. L.-33004/99 सी.जी.-डी.एल.-अ.-21032025-261837 xxxGIDHxxx CG-DL-E-21032025-261837 xxxGIDExxx असाधारण EXTRAORDINARY भाग I—खण्ड 1 PART I—Section 1 प्राजधकार स ेप्रकाजित PUBLISHED BY AUTHORITY स.ं 84] नई दिल्ली, िुक्रिार, माच च21, 2025/फाल्ग नु 30, 1946 No. 84] NEW DELHI, FRIDAY, MARCH 21, 2025/PHALGUNA 30, 1946 जित्त मत्रं ालय (जित्तीय सिे ाए ं जिभाग) अजधसचू ना नई दिल्ली, 21 माच,च 2025 जिषय: जित्तीय िष च 2024-25 के जलए कम-मल्ू य िाल े भीम-यपू ीआई लने िेन (व्यजि स े व्यापारी) को बढािा िेन े के जलए प्रोत्साहन योिना। फा. स.ं 5/11/2024-डीपी-डीएफएस.—1. सरकार द्वारा ििे में जडजिटल भगु तान को बढािा िेने के जलए अनेक किम उठाए िा रह ेह।ैं जिगत कुछ िषों में ििे म ेंजडजिटल भुगतान लेनिेन म ेंउल्लेखनीय िृजि हुई ह ैतथा लेनिने की संख्या जित्तीय िषच 2017-18 म ें2,071 करोड़ से बढकर जित्तीय िषच 2023-24 म ें18,737 करोड़ हो गई ह।ै 2. यद्यजप जिगत कुछेक िषों में जडजिटल भगु तान म ेंउल्लेखनीय िृजि हुई है, तथाजप, इसम ेंआगे और िृजि की संभािना ह।ै अत: असेजित क्षेत्रों अथिा खंडों अथिा सेक्टरों को ध्यान में रखते हुए जडजिटल भुगतान को अपनाए िान ेको बढािा िेना महत्िपूणच ह।ै 3. िेि में जडजिटल भगु तान में और अजधक तेिी लाने के जलए सरकार द्वारा “जित्तीय िषच 2024-25 के जलए कम मूल्य िाले भीम-यूपीआई लने िेन (व्यजि से व्यापारी) को बढािा िेन े के जलए प्रोत्साहन योिना” को कायाचजवित करने का जनणचय जलया गया ह।ै यह योिना कम मूल्य िाल े भीम-यूपीआई लने िने को बढािा िेन े िाल े बैंकों, अवय भगु तान प्रणाली प्रचालकों तथा ऐप सेिा प्रिाताओं को प्रोत्साहन प्रिान करेगी। इसस ेजिजिष्ट रूप से छोटे व्यापाररयों को लाभ होगा क्योंदक िे एकीकृत 1994 GI/2025 (1)2 THE GAZETTE OF INDIA : EXTRAORDINARY [PART I—SEC.1] भुगतान इंटरफेस (यूपीआई) सिे ाओं का उपयोग कर रह े ह।ैं इससे जबना दकसी अजतररि िुल्क के आम िन को भी जनबाचध तथा 24 घंटे यूपीआई सेिाओं का लाभ प्राप्त होगा। 4. इस योिना की व्यापक रूपरेखा जनम्नानुसार ह:ै- 4.1 कम-मल्ू य िाले भीम-यूपीआई लेनिेन (पी2एम) को बढािा िेने के जलए प्रोत्साहन योिना को 1,500 करोड़ रुपए के अनुमाजनत पररव्यय के साथ लाग ूदकया िाएगा। 4.2 योिना के दक्रयावियन की अिजध एक िष,च अथाचत ् 1 अप्रलै , 2024 से 31 माच,च 2025 तक होगी। 4.3 इस योिना के अतं गतच केिल छोटे व्यापाररयों के जलए 2000/- रुपए तक के यूपीआई (पी2एम) लने िेन को िाजमल दकया गया ह।ै 4.4 छोटे व्यापाररयों की श्रणे ी से सबं ंजधत 2000 रुपए तक के लेनिने के जलए प्रजत लेनिेन 0.15% की िर से प्रोत्साहन राजि प्रिान की िाएगी। (रटप्पणी: छोटे व्यापारी – जिनका जिगत जित्तीय िषच के िौरान 20 लाख रुपए तक का टनचओिर हो, िैसादक भारतीय ररििच बैंक ने 7 दिसम्बर, 2017 की अपनी अजधसूचना संख्या आरबीआई/2017-18/105डीपीएसएस. सीओ. पीडी सं. 1633/02.14.003/2017-18 के माध्यम से जनधाचररत दकया ह)ै । 4.5 जित्तीय सलाहकार (डीएफएस) और एनपीसीआई के परामि चसे जित्तीय सेिाएं जिभाग समय-समय पर इस योिना के अंतगतच जनजध के उपयोग की समीक्षा कर सकता ह ै और तिनुसार, यदि आिश्यक हो, तो योिना में पररितनच कर सकता ह।ै 4.6 बैंकों द्वारा प्रस्ट्ततु दकए गए िािों की प्रजतपूर्तच जतमाही आधार पर जनम्नजलजखत सीमा तक की िाएगी:- (क) योिना की सभी जतमाजहयों के जलए अिनच कताच (एक्वायररंग) बकैं द्वारा प्रस्ट्तुत की गई िािा राजि का 80% जबना दकसी ितच के संजितररत दकया िाएगा; (ख) प्रत्येक जतमाही के जलए प्रस्ट्तुत िािे के िेष 20% की प्रजतपूर्तच उप-खंड (1) तथा (2) म ेंउजल्लजखत ितों को पूरा दकए िान े पर जनभचर करेगी; i) स्ट्िीकृत िािे का 10% केिल तब प्रिान दकया िाएगा जब अिचनकता च बैंक का तकनीकी अस्ट्िीकार 0.75% से कम होगा; ii) स्ट्िीकृत िािे का िेष 10% केिल तब प्रिान दकया िाएगा जब अिचनकता च बैंक का प्रणाली अपटाईम 99.5% से अजधक होगा। 4.7 डीएफएस, एनपीसीआई के परामर् शस ेइकोजसस्ट्टम के भागीिारों के बीच प्रोत्साहन साझा करने संबंधी इकोजसस्ट्टम सहहत योजना के कायाशन्वयन के हिए पररचािनात्मक दिर्ाहनिेर् जारी करेगा। 4.8 यह योिना भारत में पररचालनरत बैंकों तथा भारत म ेंदकए गए लने िेन के जलए ही प्रयोज्य होगी। अजभिीत फुकन, संयक्ु त सजचि[भाग I—खण् ड 1] भारत का रािपत्र : असाधारण 3 MINISTRY OF FINANCE (Department of Financial Services ) NOTIFICATION New Delhi, the 21st March, 2025 Subject: Incentive scheme for promotion of low-value BHIM-UPI transactions (Person to Merchant) for financial year 2024-25 F. No. 5/11/2024-DP-DFS.—1. The Government has been taking up various initiatives to promote digital payments in the country. Over the past few years, digital payment transactions have witnessed tremendous growth across the country with the number of transactions growing from 2,071 Crore in financial year 2017-18 to 18,737 Crore in financial year 2023-24. 2. Although there has been an unprecedented growth in digital payments over the past few years, there is potential for further growth. It is, therefore, important to promote the adoption of digital payments, targeting untapped areas or segments or sectors. 3. To give further boost to digital payments in the country, it has been decided by the Government to implement “Incentive scheme for promotion of low-value BHIM-UPI transactions (Person to Merchant) for financial year 2024-25”. The scheme will incentivize the banks, other payment system operators and app service providers promoting low-value BHIM-UPI transactions. It will specifically benefit the small merchants as they continue to avail Unified Payment Interface (UPI) services. The common citizens will be benefitted with seamless and round-the-clock UPI services without any additional cost. 4. The broad contours of the scheme are as follows- 4.1 The incentive scheme for promotion of low-value BHIM-UPI transactions (P2M) will be implemented at an estimated outlay of ₹ 1,500 Crore. 4.2 The period of implementation of the scheme will be one year from the 1st April, 2024 to 31st March, 2025. 4.3 Only the UPI (P2M) transactions upto ₹ 2,000 /- for Small Merchants are covered under the scheme. 4.4 Incentive at the rate of 0.15 percent per transaction will be provided for transactions upto ₹ 2,000 pertaining to category of small merchants. (Note: Small Merchants- with turnover upto ₹ 20 lakh during the previous financial year, as defined by RBI in its notification number RBI/2017-18/105 DPSS.CO.PD No. 1633/02.14.003/2017-18 dated 07th December, 2017) 4.5 DFS, in consultation with the Financial Advisor (DFS) and NPCI, may review from time to time the utilisation of funds under the scheme and, accordingly, make changes in the scheme, if required. 4.6 Disbursement of claims submitted by banks will be made on a quarterly basis, to the following extent: (a) For all the quarters of the scheme, 80 percent of the admitted claim amount by the acquiring banks will be disbursed without any conditions. (b) The disbursement of the remaining 20 percent of the admitted claim amount for each quarter will be contingent upon fulfilment of the conditions in sub-clause (i) and (ii). (i) 10 percent of the admitted claim will be provided only when the technical decline of the acquiring bank is less than 0.75 percent. (ii) The remaining 10 percent of the admitted claim will be provided only when the system uptime of the acquiring bank will be greater than 99.5 percent. 4.7 DFS, in consultation with NPCI, will issue operational guidelines for implementation of the scheme, including the incentive sharing mechanism among the ecosystem partners. 4.8 The Scheme shall be applicable to the banks having operations in India and transactions done in India. ABHIJIT PHUKON, Jt. Secy. Uploaded by Dte. of Printing at Government of India Press, Ring Road, Mayapuri, New Delhi-110064 and Published by the Controller of Publications, Delhi-110054.

Continue your research