Banks, fintechs await UPI subsidy payouts amid cuts in total outlay
digital payments, according to bankers and fintech industry executives.
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“Applications for the disbursement of subsidy payments have already been filed with the central government; now we are awaiting payments. So far this year we have not received any funds,” said a senior banker in the know.
Another senior banker in the know said discussions with the Department of Financial Services under the finance ministry have happened and the process is under consideration but is taking time.
Emailed queries to NPCI went unanswered.
Under the mandate of the government to promote digitisation, savings account-based digital payments are offered free of cost to merchants. To help banks compensate for the loss suffered due to the foregoing of these charges referred to as MDR (merchant discount rate) in industry parlance, the government runs a subsidy programme, under which part of the cost is borne by the government.
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