Page 34 - NIS English February 01-15,2023

CABINET DECISIONS

BHIM UPI TRANSACTION PROMOTION

FORMATION OF MULTI-STATE

COOPERATIVE EXPORT SOCIETY APPROVED

Digital transactions are increasing rapidly in the country. UPI transactions worth Rs 12.8 lakh
crore have taken place in December 2022. Meanwhile, to promote digital transactions, the
Union Cabinet headed by Prime Minister Narendra Modi has taken some major decisions
related to financial matters. With the implementation of these decisions, users will get
incentives on financial transactions and digital transactions. Decisions were also taken for
cooperative sector which firmly fulfill the resolution of Sahkar Se Samriddhi in addition to
several other decisions giving pace to the development of the country.

Decision - The Union Cabinet approved an incentive Se Samriddhi' through the inclusive development model
scheme and Rs 2,600 crore to promote 'Rupay Debit of cooperatives. This will help accelerate the export
Card' and low value BHIM-UPI transactions (P2M). potential of Indian cooperatives in global markets. To
Impact: This incentive scheme will facilitate in building a assist cooperatives in availing benefits of various export
strong digital payments ecosystem and promote RuPay related schemes and policies. Higher exports would
Debit Card and BHIM-UPI digital transactions. In line with lead to an increase in the Goods and Services Tax, which
the objective of 'Sabka Saath, Sabka Vikas', the scheme would generate more jobs in the cooperative sector. The
will promote UPI Lite and UPI 123pay. This will enable proposed society would act as an umbrella organization
digital payments to become more prominent across all to promote exports and would lay emphasis on exports
sectors and people in the country. from the cooperative sector. Primary to national level
cooperative societies can become its members.

Decision - Approval to set up a national level
Multi-State Cooperative Export Society under the Decision - Approval to name the National Center
Multi-State Cooperative Societies Act, 2002 for Drinking Water, Sanitation and Quality in Kolkata
Impact: It will be helpful in achieving the goal of 'Sahkar as Dr. Syama Prasad Mookerjee National Institute
of Water and Sanitation.

32 New India Samachar February 1-15, 2023