With reference to the Incentive Scheme for Low-Value BHIM-UPI Transactions, consider the following statements:
1. The scheme focuses on Person to Merchant (P2M) transactions up to ₹5,000.
2. Large merchants will receive an incentive of 0.30% on each transaction.
3. Banks must maintain a technical decline rate of less than 0.75% to qualify for the full incentive.
4. The scheme aims to disburse 90% of the admitted claim amount to acquiring banks without conditions.
Which of the above statements is/are incorrect?
Explanation: Statements 1, 2, and 4 are incorrect. The scheme focuses on P2M transactions up to ₹2,000, not ₹5,000 (statement 1). Large merchants will not receive any incentives, while small merchants will receive a 0.15% incentive (statement 2). The scheme aims to disburse 80%, not 90%, of the admitted claim amount to acquiring banks without conditions (statement 4). Statement 3 is correct, as banks must maintain a technical decline rate of less than 0.75% to qualify for the full incentive.
Explanation: Statements 1, 2, and 4 are incorrect. The scheme focuses on P2M transactions up to ₹2,000, not ₹5,000 (statement 1). Large merchants will not receive any incentives, while small merchants will receive a 0.15% incentive (statement 2). The scheme aims to disburse 80%, not 90%, of the admitted claim amount to acquiring banks without conditions (statement 4). Statement 3 is correct, as banks must maintain a technical decline rate of less than 0.75% to qualify for the full incentive.
