The general feedback given to the various Government Departments tracking the ‘BHIM Customer and Merchant Cash Bank Scheme’, have received is the perceived delay in the incentive credits for eligible BHIM transactions.
It is human nature to expect the rewards as soon as possible, the more there is delay, the more is the dissatisfaction.
The incentive credits are being routed through the NACH System as ACH Credits. The BHIM Credits were being routed once a day through the NACH Credit session.
However, this was not real time and the stake holders after deliberation sought to reduce the processing cycle for the incentive credits.
NPCI-NACH team vide Cir No 5 has informed to NACH participating banks on the multiple sessions being introduced for ‘BHIM Scheme Customer/Merchant’ incentive session.
As of now there will be two sessions, to quicken the process of crediting the incentives to the eligible beneficiaries’ accounts.
The need for additional sessions was driven by Ministry of Electronics and Information Technology (MEITY). Further, to ensure customer delight, the narration in the Bank Account statements should be as “BHIM REWARDS”. This narration will bring an instant smile on the beneficiaries’ face, which in turn will translate into higher volumes in the BHIM ecosystem.
The incentive credits cannot be realtime as the eligible transactions have to be arrived at before the credits are passed on. Hence the next best option is to reduce the TAT for the incentive credits.
Read the full NPCI circular on the BHIM incentive cashback/incentive scheme for individuals and cashback scheme for merchants here.
To further boost volumes in BHIM ecosystem it would be better if the incentive volumes are also published by NPCI on a daily basis.
This will bring in more visibility to the BHIM CashBack/incentive scheme