In a major push to incentivize cashless transactions, The NITI Aayog on Thursday announced cash bonanza for consumers and merchants in India.
NITI Aayog CEO Amitabh Kant launched two schemes – “Lucky Grahak Yojana” for customers and the ‘Digi Dhan Vyapar Yojana’ for merchants – beginning December 25, 2016.
Billing it as a “Christmas gift to the nation”, he said a total of Rs. 340 crore will be given away in prizes for both customers and merchants chosen through lucky draws.
Mr Kant said the schemes would cover any transactions between Rs. 50 to Rs. 3000.
As per the announcements, the first draw will be held on December 25 and the NPCI will announce 15,000 winners who will get 1000 rupees each for the next 100 days.
There will be 7000 weekly awards for each consumers and merchants.
“Our objective is to make digital payments a mass movement… Beginning December 25, the NPCI will announce 15,000 winners of 1000 rupees for the next 100 days… It will be a Christmas gift to the nation,” Mr Kant said.
A mega drawl will be held on April 14 – the birth anniversary of B R Ambedkar where the NPCI will announce cash rewards of Rs. 1 crore, Rs 50 lakh and Rs. 25 lakh for consumers, and Rs. 50 lakh, Rs. 25 lakh, and Rs. 5 lakh for merchants.
“The focus of Lucky Grahak and Digi-Dhan Yojana is on poor, middle class and small businesses so as to bring them into the digital payments revolution,” said Mr Kant.
Mr Kant said the scheme is not applicable for transactions done through private bank cards and e-Wallet of private companies.
According to estimates, only five per cent of Indians go cashless and the rest use cash.