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IS UNION BUDGET 2022

creating an ‘Amrit Kal’ for FinTechs, Financial
Institutions & the Ultimate Consumers?

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Core Banking System

All of the 1.5 lakh post offices will come on a core

banking system, enabling financial inclusion and
account access via net banking, mobile banking,
ATMs, and online transfers of funds between post
office accounts and bank accounts.

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Launch of 75 digital banking units in

75 districts

75 digital banks in 75 districts will be set up by

scheduled commercial banks to encourage digital
payments to ensure that the benefits of digital
banking reach every new local corner of the
country in a consumer-friendly manner.

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Digital Rupee

To create more efficient and cheaper currency

management, RBI has proposed to introduce
digital rupee using blockchain and other
technologies starting the FY 2022-2023

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Gift City

World-class foreign universities and institutions will

be allowed in the gift city to offer courses in
financial management, fintech sciences, technology,
engineering and mathematics free from domestic
regulation.

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%
%
80%

60%

30%

CapEx outlays increased by 35.4%

Capital Expenditure in Budget up by 35.4%. Govt sets

Rs 7.5 lakh crores capital expenditure, 4.1% of GDP, as
target in 2022-23.

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Tax incentives for startups

Existing tax benefits for startups, which were offered

redemption of taxes for 3 consecutive years, to be
extended by 1 more year.

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Amendments for the Bankruptcy Code

IBC amendments to enhance the efficiency

of the resolution process
Facilitate cross-border insolvency resolution
To speed up voluntary winding up of companies

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Complementing macro-growth

Complementing macro-growth with micro-all-inclusive

welfare, digital economy and fintech, tech-enabled
development, energy transition and climate action.

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Co-investment model facilitated

The government has focused on the farm produce

value chain as an area for capital infusion. Thus a
fund with blended capital, raised under the
co-investment model, will be facilitated through
NABARD. This would be utilised to finance startups
for agriculture & rural enterprise, relevant for farm
produce value chain.

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