Answer: National Payments Corporation of India (NPCI)
Notes: The Union Cabinet approved an incentive scheme to promote low-value BHIM-UPI (Person-to-Merchant – P2M) transactions for FY 2024-25. The scheme aims to strengthen BHIM-UPI, boost transaction volumes to ₹20,000 crore, and promote UPI 123PAY & offline UPI Lite/LiteX. It encourages UPI adoption in rural and remote areas. The Unified Payments Interface (UPI) is a real-time payment system developed by the National Payments Corporation of India (NPCI). It enables users to link multiple bank accounts in a single mobile app for instant money transfers. BHIM-UPI, launched in 2016, is a government-backed app for seamless, fast, and secure digital payments.
