Several initiatives taken up to promote digital payment transactions
New Delhi, NFAPost: The government recently launched Credit Assessment Model (CAM) for Micro, Small & Medium Enterprises (MSMEs) is getting overwhelming response, said Minister of State for Finance Pankaj Chaudhary.
The model leverages the digitally fetched and verifiable data available in the ecosystem and devise automated journeys for MSME loan appraisal using objective decisioning for all loan applications and model-based limit assessment for both Existing to Bank (ETB) as well as New to Bank (NTB) MSME borrowers.
Speaking at the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary said the government, Reserve Bank of India (RBI) and National Payment Corporation of India (NPCI) have been taking up various initiatives to promote digital payment transactions.
“These inter alia, include incentive scheme for promotion of RuPay Debit Cards and low-value BHIM-UPI transactions (P2M) and Payments Infrastructure Development Fund (PIDF) to support deployment of digital payment infrastructure (such as POS Terminals and QR codes) in underserved regions,” said Minister of State for Finance Pankaj Chaudhary.
Further, Minister of State for Finance Pankaj Chaudhary said the Pradhan Mantri Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi) Scheme, launched on 01.06.2020 is now extended to March 31, 2030, has been jointly implemented by Ministry of Housing and Urban Affairs (MoHUA) and Department of Financial Services.
Under the scheme, the loan extended to street vendors to support their business has been enhanced to Rs 15,000, Rs 25,000 and Rs 50,000 respectively in three tranches. Other features included in the scheme are UPI-linked RuPay Credit Card with credit limit of Rs 30,000 and cashback incentives for digital transactions
