The schemes “Lucky Grahak Yojana” and “Digi Dhan Vyapar Yojana” to give cash awards to customers and merchants for digital payments were launched by which government body?

Introduction / Context:
After the push towards digital payments, the Government of India announced incentive schemes to encourage both consumers and merchants to adopt cashless transactions. Two such schemes were “Lucky Grahak Yojana” (for consumers) and “Digi Dhan Vyapar Yojana” (for merchants). Competitive exams often ask which government body launched these schemes, testing awareness of institutional roles in promoting digital payments.

Given Data / Assumptions:

• Two schemes are named: Lucky Grahak Yojana and Digi Dhan Vyapar Yojana.
• The purpose, as stated, is to give cash rewards for using digital payment methods.
• Four institutions are listed: NITI Aayog, NPCI, FSDC and RBI.
• We assume that the learner knows the basic functions of these institutions.

Concept / Approach:
NITI Aayog (National Institution for Transforming India) acts as a policy think tank of the Government of India and has been closely involved in campaigns to promote digital payments and financial inclusion. The Lucky Grahak Yojana and Digi Dhan Vyapar Yojana were publicised as government initiatives under this broader agenda. While the National Payments Corporation of India (NPCI) provided payment infrastructure like RuPay and UPI, the official launching and branding of the schemes came from NITI Aayog. Therefore, by focusing on who formally launched the schemes rather than who provided back-end infrastructure, we arrive at the correct answer.

Step-by-Step Solution:
Step 1: Recognise that both schemes were part of the government larger effort to promote a “less-cash” economy after demonetisation and to incentivise digital transactions among ordinary citizens and small traders. Step 2: NITI Aayog, as the central government policy think tank, was tasked with designing and launching innovative schemes and campaigns in this area. Step 3: NPCI is primarily a technical and operational body that manages retail payment systems like RuPay, IMPS and UPI, and supports implementation but does not typically brand and launch nationwide incentive schemes under its own name. Step 4: The Financial Stability and Development Council is a coordination body for financial regulators and is not known for launching mass consumer incentive schemes. Step 5: The Reserve Bank of India is the central bank and regulator of the payment system; while it frames rules and guidelines, the specific schemes in question were government promotional programmes rather than RBI regulatory instruments. Step 6: Therefore, the correct government body credited with launching Lucky Grahak Yojana and Digi Dhan Vyapar Yojana is NITI Aayog.

Verification / Alternative check:
Official press releases and contemporary news reports described these schemes as part of the government digital payments promotion drive under the leadership of NITI Aayog, with top government officials announcing prize draws and cash awards. NPCI was mentioned more in a supporting role, providing the digital infrastructure for transactions. Examination answer keys and standard current affairs compilations also usually pair these schemes with NITI Aayog, confirming that this is the correct association for objective questions.

Why Other Options Are Wrong:

• National Payments Corporation of India (NPCI) operates payment systems but did not formally launch the citizen facing schemes in its own name.
• Financial Stability and Development Council focuses on coordination among regulators for financial stability, not on promotional schemes for digital payments.
• Reserve Bank of India sets policy and regulations in the monetary and payment systems sphere, but the specific incentive schemes were government promotional initiatives, not RBI-run programmes.

Common Pitfalls:
A common confusion is to assume that because NPCI is deeply involved in digital payments infrastructure, it must also be the launching authority for every payment related scheme. Another pitfall is to think of RBI as the default answer for any banking and payments question, even when the issue is about promotional campaigns rather than regulation. To avoid these errors, candidates should distinguish between bodies that set policy and announce schemes (like ministries and NITI Aayog) and those that implement or support them technically (like NPCI and banks).

Final Answer:
National Institution for Transforming India (NITI Aayog)