FM proposes Rs 1,500 crore-scheme to promote digital payments

The government on Monday proposed Rs 1,500 crore-scheme to promote digital payments in the country.

Finance Minister Nirmala Sitharaman said there has been a manifold increase in digital payments in the recent past.

"To give a further boost to digital transactions, I earmark Rs 1,500 crore for a proposed scheme that will provide financial incentive to promote digital mode of payment," the minister said while presenting the Budget for 2021-22.

Sitharaman said, in her Budget speech of 2019, a National Research Foundation was announced.

"...We have now worked out the modalities and the NRF outlay will be Rs 50,000 crore over five years. It will ensure the overall research ecosystem in the country is strengthened with focus on identified national priority thrust areas," she said.

The Finance Minister also stated that a new initiative National Language Translation Mission will be undertaken.