Banks cannot levy charges on UPI payments up to Rs 2,000: Govt
New Delhi [India], September 15 (ANI): The Ministry of Finance on Monday notified that banks and system providers cannot impose charges on UPI transactions of up to Rs 2,000 and RuPay debit card 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.
