Centre directs ministries, states to boost BHIM app use 


BHIM AppFor promoting the usage of BHIM (Bharat Interface for Money) mobile application, Prime Minister Narendra Modi has directed all central ministries, departments as well as states and union territories to set targets for boosting digital transactions and achieve the same by August 15.

This directive has come in the light of BHIM among payment platforms based on the United Payment Interface (UPI). According to National Payments Corporation of India (NPCI), transactions with respect to BHIM have dropped to 6.3 per cent transactions in April from 9.5 per cent in 2017-18.

BHIM app gained lot popularity after its launch by Prime Minister Narendra Modi, however, the app is facing tough competition due to players such as Google Tez, PhonePe and Paytm.

As per the media reports, Prime Minister Narendra Modi has asked cabinet secretary PK Sinha to hold a meeting with the Department of Financial Services for waiving off the transaction charges on BHIM-UPI usage, as per minutes of a meeting held on May 23.

Centre has already waived off charges on BHIM app for small transactions.

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.