The government has already spent over Rs 100 crore on referral and transaction cashbacks to BHIM users, it revealed in an RTI reply to MediaNama. The State Bank of India's account-holders got the highest share, netting 33.45% of the cashbacks at Rs 35.2 crore. (SBI's number was so high that it was displayed as an exponent (3.52E+08) in the RTI response.) SBI customers got almost four times as much cashbacks as the next most successful bank, Paytm Payments Bank. The cashback scheme was mostly revoked for individual transactions in July, with only referral cashbacks remaining. As such, the month-on-month growth of the cashback number is likely to be small. The government is now reportedly working on a new merchant-oriented scheme. In total, Rs 105.2 crore has been disbursed in cashback to users. This includes both merchant and individual cashbacks. SBI…
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