Current Affairs PDF

NITI Aayog Launches Two Schemes for Customers and Merchants to Boost Digital Transaction

AffairsCloud YouTube Channel - Click Here

AffairsCloud APP Click Here

NITI Aayog, a Government of India policy think-tank on December 15, 2016, announced the launch of two schemes, ‘Lucky Grahak Yojna’ and ‘Digi Dhan Vyapar Yojna’, to give cash awards to for consumers and merchants who use digital payment instruments for any transaction.

Aim: the main aim of the scheme is to incentivize digital transaction so that all sections of the society, especially the poor, lower middle class and small businesses adopt digital payment mode.

The scheme comprise of two major components, one for the Consumers and the other for the Merchants:

Lucky Grahak Yojana (Consumers) 

This scheme is for the consumers who will conduct daily transaction using electronic medium.

  • As per the lucky draw scheme, daily reward of Rs 1000 will be given to 15,000 lucky NITI Aayog launches new schemes - Lucky Grahak Yojana and Digi-Dhan Vyapar Yojana - for incentivising digital paymentconsumers for a period of 100 days.
  • Besides, weekly prizes worth Rs 1 lakh, Rs 10,000 and Rs. 5000 will be given to consumers who use the alternate modes of digital Payments
  • This will include all forms of transactions viz. UPI, USSD, AEPS and RuPay Cards but will for the time being exclude transactions through Private Credit Cards and Digital Wallets.
  • 3 Mega Prizes for consumers worth Rs 1 cr, 50 lakh, 25 lakh for digital transactions conducted between 8th November, 2016 to 13th April, 2017 to be announced on 14th April, 2017

Digi-Dhan Vyapar Yojana (Merchants)

This scheme is applicable for those merchants who make digital transaction at merchant establishments.

  • Under the scheme, merchants will get weekly prizes worth Rs. 50,000, Rs 5,000 and Rs. 2,500
  • 3 Mega Prizes for merchants worth Rs 50 lakhs, 25 lakh, 12 lakh for digital transactions conducted between 8th November, 2016 to 13th April, 2017 to be announced on 14th April, 2017.

Important Notifications about the Schemes

The National Payment Corporation of India (NPCI) shall be the implementing agency for this scheme.  NPCI is a not for profit company which is charged with a responsibility of guiding India towards being a cashless society.

  • The scheme has been designed keeping in mind all sections of the society and their usage patterns. All forms of transactions done through UPI, USSD, Aadhar Enabled Payment System (AEPS) and RuPay cards will be eligible for lucky draws. However, the scheme is not applicable for transactions done through private credit cards and e-wallets of private companies.
  • The first draw of the scheme will be commenced on 25th December, 2016, as a Christmas gift to the nation, and will continue up to 14th April 2017 marking the birth anniversary of Babasaheb Ambedkar Jayanti with a Mega Draw.
  • To ensure that the focus of the scheme is on small transactions, incentives shall be restricted to transactions within the range of Rs 50 and Rs 3000.
  • The winners shall be identified through a random draw of the eligible Transaction IDs, which are generated automatically as soon as the transaction is completed, by software which will be especially developed by NPCI for this purpose.
  • The estimated expenditure on the first phase of the scheme, up to 14th April 2017, is likely to be 340 Crores. The Government will simultaneously carry out a review for further implementation.

About NITI Aayog

The National Institution for Transforming India (NITI) is a Government of India policy think-tank established by the Shri Narendra Modi government to replace the Planning Commission.

  • The aim for NITI Aayog’s creation is to boost involvement and participation of the State Governments of India in the economic policy-making process.
  • The emphasis is on bottom-up approach and make the country move towards cooperative federalism.
  • The Union Government of India announced the formation of NITI Aayog on 1 January 2015, and the first meeting was held on 8 February 2015. The Prime Minister serves as the Ex-officio chairman.
    ♦ Formed: 1 January 2015
    ♦ Headquarters: New Delhi
    ♦ Chairman: Narendra Modi
    ♦ Vice Chairman : Arvind Panagariya