New Delhi: With the country’s banking system failing to meet the soaring cash demand of the public as only around Rs 3 lakh crore of money has been infused into the system out of the total Rs 16 lakh crore which was taken away after the Centre made the 500 and 1,000 denomination notes redundant post-November 8, the Centre has now announced giving away daily, weekly and even mega cash incentives totalling Rs 340 crore to promote digital payments, starting Christmas.
Announcing ‘Lucky Grahak Yojana’ and ‘Digi Dhan Vyapar Yojana’, Niti Aayog CEO Amitabh Kant said on Thursday that both the schemes will cover small transactions between Rs 50 and Rs 3,000 to encourage every section of the society to move to digital payments.
Terming it a ‘Christmas Gift’ to the country, Mr Kant said the first draw will happen on December 25 and the mega draw on April 14, the birth anniversary of B.R. Ambedkar. National Payment Corporation of India (NPCI) will announce 15,000 winners of Rs 1,000 each for next 100 days, starting December 25. There will be 7,000 weekly awards each for consumers and merchants.
“Focus of the Lucky Grahak and Digi-Dhan Yojanas is on the poor, middle class and small businesses so as to bring them into digital payments revolution,” said the Niti Aayog CEO.
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As per the estimates, only five per cent Indians use digital payment modes. For consumers, there will mega awards of Rs 1 crore, Rs 50 lakh and Rs 25 lakh. In case of merchants, it has been fixed at Rs 50 lakh, Rs 25 lakh and Rs 5 lakh. Estimated expenditure of the scheme to incentivise digital payments is Rs 340 crore, Mr Kant told the reporters here.
