Debit Cards: An essential part our lives

The world is moving at a very fast pace . Money transactions have now become cashless . More so with online transactions. Debit cards have become very essential part of our lives . It’s the most convenient way to access our money and to make payments without actually handling the cash .

Debit cards deduct the authorised amount from your bank account/checking account directly . It is a payment card. It helps humans to avoid carrying cash . They are also called Bank Cards or Check cards . They can be used to buy goods or withdraw money from ATMs .

Interim Budget 2024 allocated INR 3,500 crores for the incentive scheme, with INR 3,000 crores for BHIM-UPI and INR 500 crores for RuPay debit cards. The allocation of funds marked for BHIM-UPI can be shifted to RuPay Debit Cards will be possible, but the reverse is not permitted.