Government Initiatives to Promote Digital Payments and Financial Inclusion

The Government, along with the Reserve Bank of India (RBI) and the National Payment Corporation of India (NPCI), is implementing various initiatives to enhance digital payment transactions and ensure financial inclusion. Key measures include promoting RuPay Debit Cards, supporting low-value BHIM-UPI transactions, and establishing the Payments Infrastructure Development Fund (PIDF) for underserved regions. To combat payment fraud, the government has introduced device binding, two-factor authentication, and daily transaction limits. Additionally, regulatory frameworks for microfinance institutions have been simplified to increase transparency and accessibility of loans for various purposes.

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