The Central government has prohibited banks and system providers from imposing charges on UPI transactions of up to Rs 2,000 and <a href="https://www.mid-day.com/buzzfeed/article/what-is-a-rupay-credit-card-upi-everything-you-need-to-know-9639" target="_blank" rel="none noopener">RuPay debit card</a> payments.
As per Section 10A of the Payment and Settlement Systems Act, 2007 (51 of 2007), the Central Government prohibits banks and system providers from imposing, directly or indirectly, any charges on a person making or receiving payments using debit cards powered by RuPay and UPI transactions up to Rs 2,000, as per the Ministry of Finance.
In August, the government opened the door to introducing a nominal <a href="https://www.mid-day.com/business/business-news/article/government-mulls-restoring-mdr-on-certain-highvalue-upi-transaction-23644586" target="_blank" rel="none noopener">Merchant Discount Rate (MDR)</a> on a limited set of UPI merchant transactions above a certain threshold, while assuring that consumers and person-to-person payments will continue to remain free.
The government had said the amendment should be seen as part of its broader effort to make India's digital payment infrastructure sustainable, competitive and capable of supporting the country's expanding digital economy.
The Ministry had also rejected reports suggesting that external influences were behind the proposed policy changes, calling such claims "unfounded, completely false and misleading."
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The Central government has prohibited banks and system providers from imposing charges on UPI transactions up to Rs 2,000 and RuPay debit card payments

Banks cannot impose charges on UPI payments up to Rs 2,000: Govt

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The Ministry had also rejected reports suggesting that external influences were behind the proposed policy changes, calling such claims "unfounded, completely false and misleading"

Banks cannot impose charges on UPI payments up to Rs 2,000: Govt

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Home / News / India News / Article / Banks cannot impose charges on UPI payments up to Rs 2,000: Govt

Banks cannot impose charges on UPI payments up to Rs 2,000: Govt

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