Rs 2,600 crore to promote RuPay debit card, new cooperative societies: Key decisions taken by Union Cabinet

NEW DELHI: The Union Cabinet on Wednesday announced certain key decisions at a meeting chaired by Prime Minister Narendra Modi.
Here are the key decisions:
* Scheme to promote RuPay debit card
The Cabinet has approved a Rs 2,600 crore scheme for promoting RuPay debit cards and low-value BHIM-UPI transactions.
Under the scheme, banks would be provided financial incentives for promoting Point of Sale (PoS) and e-commerce transactions using RuPay and UPI in the current financial year.
It would help in building a robust digital payment ecosystem. The scheme would also promote UPI Lite and UPI123PAY as economical and user-friendly digital payments.
“India’s strides in digital payments will be further strengthened by today’s Cabinet decision regarding promotion of RuPay Debit Cards and BHIM-UPI transactions,” PM Modi tweeted later.

* 3 new cooperative societies
The government has also decided to establish three new cooperative societies to promote organic products, seeds and exports.
The Cabinet approved the establishment of the National Export Society, National Cooperative Society for Organic Products and National Level Multi-state Seed Cooperative Society, he noted.
These cooperative societies will help realise the vision of “Sahakar Se Samriddhi” (prosperity through cooperatives), and boost rural growth and farmers’ income, Union Minister Bhupender Yadav said.