The scheme was launched by Prime Minister Narendra Modi on 14 April for a period of six months for promoting cashless payments through the BHIM app. “The BHIM cash back scheme for merchants will be operational till 31 March 2018,” a note by ministry of electronics and information technology (IT) said. Under the scheme, a merchant can get cash back of Rs50 for 20-50 transaction, Rs2 for every transaction thereafter till Rs950. The monthly limit of BHIM cash back scheme is Rs1,000. Unlike mobile wallet, users are not required to store money in the BHIM app.

Source: Mint August 20, 2017 11:03 UTC