Budget 2017 - 2018 - Digital Economy

DIGITAL ECONOMY in Budget 2017 - 2018

• 125 lakh people have adopted the BHIM app so far. The Government will launch two new schemes to promote the usage of BHIM; these are,  Referral Bonus Scheme for individuals and a Cashback Scheme for merchants
• Aadhar Pay, a merchant version of Aadhar Enabled Payment System, will  be launched shortly
• A Mission will be set up with a target of 2,500 crore digital transactions for 2017-18 through UPI, USSD, Aadhar Pay, IMPS and debit cards
• A proposal to mandate all Government receipts through digital means, beyond a prescribed limit, is under consideration
• Banks have targeted to introduce additional 10 lakh new POS terminals by March 2017. They will be encouraged to introduce 20 lakh Aadhar based POS by September 2017
• Proposed to create a Payments Regulatory Board in the Reserve Bank of India by replacing the existing Board for Regulation and Supervision of Payment and Settlement Systems