Centre hikes e-payments target for FY20 to 45 billion

Centre hikes e-payments target for FY20 to 45 billion

• Central Government has increased the target for e-transactions in the financial year ending March 2020 to 45 billion (by volume) from 40 billion.

• The Ministry of Electronics and Information Technology (MeitY) has also redistributed individual targets for banks and payments firms for the same period.

• For the financial year ending March 2019, the government had set up a target of 30 billion e-transactions, of which 90-95% were met last year.

Points to remember:

1. e-payments target for FY20 by Central Govt.