Centre orders UPI transactions up to Rs 2,000 be kept free of charge, mum on bigger amounts

Small UPI payments are set to stay fee-free, with the Centre formally barring banks and payment system providers from imposing charges on transactions of up to Rs 2,000.

In a notification issued Monday under the Payment and Settlement Systems Act, 2007, the finance ministry designated UPI transactions up to Rs 2,000 and RuPay-powered debit cards as electronic payment modes covered by the charge prohibition.