Centre tells banks no charges on RuPay debit card payments or UPI transactions up to ₹2,000

The Centre on Monday said it is exercising powers under Section 10 A of the Payment and Settlement Systems and specified that banks cannot impose charges on Unified Payments Interface (UPI) transactions or RuPay debit card payments up to ₹2,000 in value.

The finance ministry, in a notification, stated that “no bank or system provider shall impose, whether directly or indirectly, any charge upon a person making or receiving a payment by using the electronic modes of payment specified”.