Govt Cuts Incentives For RuPay, UPI Transactions

The budget document tabled by Finance Minister Nirmala Sitharaman revealed a reduction in the incentive scheme for promoting RuPay debit cards and low-value BHIM-UPI transactions (person-to-merchant) from INR 2,000 Cr last year to INR 437 Cr for the upcoming fiscal year.

However, the INR 2,000 Cr allocation in 2024 was a revised estimate against the INR 1,441 Cr earmarked in the budget estimate for 2024.

While broader new-age stocks saw a rally in the stock market today, fintech shares like MobiKwik, Paytm, and PB Fintech, under…