Which of the following statements regarding RuPay debit cards is are correct 1 The Cabinet recently ...........

Static GK (SBI -PO) Banking Awareness

Which of the following statements regarding RuPay debit cards is/are correct?

1. The Cabinet recently cleared a Rs 2,500-crore incentive scheme for banks to promote RuPay debit cards and low-value BHIM-UPI transactions in the current fiscal.

2. Under the Incentive scheme for the promotion of RuPay Debit Cards and low-value BHIM-UPI transactions, the government pays banks an incentive as a percentage of the value of RuPay Debit card transactions and lowvalue BHIM-UPI transactions up to Rs 2,000.

3. Incentives paid by the government to banks for promoting RuPay debit cards and low-value BHIM-UPI transactions will not attract GST.

This questions was previously asked in

SBI PO Mains (30 Jan, 2023)

View All SBIPO Previous Year Papers

1 and 2 only

3 only

2 and 3 only

1 only

None

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Explanation:

- Statement 1: The Cabinet indeed cleared a scheme worth Rs 2,600-crore, not Rs 2,500-crore. So, this statement is incorrect.

- Statement 2: The government does provide an incentive for promoting transactions via RuPay cards and BHIM-UPI for values up to Rs 2,000. This statement is correct.

- Statement 3: The incentives provided by the government for these transactions do not attract GST, making this statement correct.

- Option 1: References statement 1 only, which is incorrect.

- Option 2: References statements 2 and 3, both correct.

- Option 3: References statements 2 and 3 only, which are correct.

- Option 4: References statement 1 only, which is incorrect.

- Option 5: States none are correct, which is inaccurate.