On Friday, Prime Minister Narendra Modi launched the BHIM (Bharat Interface for Money) app in Nagpur, a step forward in making India a cashless economy. The app is being launched on the 126th birth anniversary of BR Ambedkar.
This UPI-based app, seen as an alternative to Paytm, has been developed by the National Payment Corporation of India (NPCI) – an umbrella organisation for all retail payment systems in India.
The money will be directly linked to the bank accounts through the app and up to Rs 10,000 can be transferred in 24 hours.
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