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Tuesday Feb 07, 2023

BHIM-UPI | Big decision of Modi cabinet! Now ‘incentive’ will be available on transactions through BHIM UPI


modi-cabinet

File pic

New Delhi. According to the big news coming from the economic sector, today the Modi cabinet has approved an incentive amount of Rs 2600 crore for small amount digital transactions. In such a situation, now the general public will also get incentive on transactions through BHIM UPI. Along with this, now the cabinet has also decided to form three multi-level cooperative societies. Whereas PM Free Grain Scheme will henceforth be called PM Garib Kalyan Anna Yojana Program.

After this meeting, Union Minister Bhupendra Yadav informed that the Modi cabinet today also approved the setting up of a national level Multi-State Cooperative Export Society under the Multi-State Cooperative Societies Act 2002. This will go a long way in achieving the goal of cooperative prosperity through the inclusive development model of cooperatives.

It should be known that the period of the food scheme had ended on December 31 last. In fact, the distribution of free food grains to the poor was started in April 2020 during the Corona epidemic. The same was extended for one year in the last cabinet meeting as well.

How BHIM UPI Works

Note that the UPI system works on the Immediate Payment Service (IMPS). This service works for net banking. When you generate your UPI PIN number on your smartphone, it becomes your account number in a way. Through this, bills are paid and money is transacted.

On the other hand, Bharat Interface for Money i.e. a BHIM is an app that provides you easy and fast payment service on the basis of Unified Payment Interface (UPI). With BHIM app you can do all the things which you can do with any other digital payment app.

this is the way

  • Download the BHIM app from the Play Store on your smartphone.
  • In this you can choose your desired language.
  • Now you have to generate a 4 digit PIN password.
  • Now link your bank account with it.



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