Modi government will boost digital payments, provision of Rs 1500 crore in budget

Modi government will give financial incentives to promote digital payments.

Modi government will give financial incentives to promote digital payments.

Budget 2021: Finance Minister Nirmala Sitharaman said that digital payments have increased manifold in the recent past.

  • News18No
  • Last Updated:February 2, 2021, 12:52 PM

new Delhi. The central government has proposed a plan of Rs 1500 crore to promote digital payments in the country. Finance Minister Nirmala Sitaraman said that digital payments have increased manifold in the recent past. Presenting the budget of 2021-22, he said, “To further promote digital transactions, I propose a plan of Rs 1500 crore which will provide financial incentives to promote digital payments”.

Sitharaman said that the National Research Foundation (NRF) was announced in his budget speech for 2019. He said, “We have set the formalities and the outlay on NRF will be Rs. 50000 crores in the next five years. This will help strengthen the research framework of the country and the main emphasis will be on the identified national priority areas.” The Finance Minister also said that a new initiative National Language Translation Mission will also be started.
20,000 crore to infuse capital in public sector banks
The government will infuse Rs 20,000 crore in public sector banks in the next financial year. In the current financial year, the government had made a provision of Rs 20,000 crore for the re-capitalization of banks. In the financial year 2019-20, the government had proposed to infuse Rs 70,000 crore in public sector banks. However, the government did not make any such proposal in the budget of the current financial year. The government hoped that the banks would raise funds from the market according to their needs.

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However, in September 2020, Parliament approved a capital investment of Rs 20,000 crore for public sector banks under the first phase of supplementary demands for grants for 2020-21. Of this, an amount of Rs 5,500 crore was made available to Punjab and Sindh Bank in November 2020 to meet the regulatory capital requirement.



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