Business

45 people become lakhpatis under NPCI schemes

15 Jan 2017 | By Vaneet Randhawa
Niti Aayog announces prizes to push e-Payments

The Centre revealed that its incentives of announcing lucky draws to encourage electronic payments had already made 45 people 'lakhpatis'.

The National Payments Corporation of India (NPCI), an arm of the Reserve Bank of India (RBI), initiated since 3 weeks has been declaring 15 beneficiaries who win Rs.1,00,000 under the scheme every week since December 25.

Moreover, 614 people (500 merchants and 114 customers) will win Rs.50,000 and 6,500 recipients will get Rs.10,000 weekly.

In context: Niti Aayog announces prizes to push e-Payments

11 Dec 2016Niti Aayog to giveaway Rs.1 crore to push e-Payments

The Niti Aayog has devised an encouragement scheme, which includes a Rs.1 crore prize, to those using digital payments systems the most.

This is government's way of pushing electronic transactions.

It has asked the National Payment Corporation of India to ideate and start the initiative to incentivize digital payments.

Almost Rs.125 crore will be made accessible from the National Financial Inclusion Fund for this.

What is NPCI?

NPCI is the umbrella association for all retail payment operations and has 10 "promoter banks -- SBI, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC."
Love Business news?
Stay updated with the latest happenings.
Who will be eligible to win under the scheme?

EligibilityWho will be eligible to win under the scheme?

The NITI Aayog said that all those who have paid using digital payment systems after November 8 will be qualified to partake in the scheme and win the prizes.

NITI Aayog said all modes of digital payments such as "Unstructured Supplementary Service Data (USSD), Aadhaar Enabled Payment System (AEPS), Unified Payments Interface (UPI) and RuPay Cards" will be eligible.

How the winners are selected?

The Niti Aayog said that the computer chooses an arbitrary number and the whole selection method is video recorded and prepared in attendance of their auditors, Ernst & Young.

15 Jan 201745 people become lakhpatis under NPCI schemes

Maximum winners from UP, TN, AP, Maharashtra and Karnataka

The maximum number of winners under the scheme come from Maharashtra, Andhra Pradesh, Tamil Nadu, Uttar Pradesh and Karnataka.