Govt notifies zero charges on UPI up to Rs 2,000; 96% transactions fall in protected band

New Delhi [India], September 15 (ANI): The Finance Ministry has notified that Unified Payments Interface (UPI) transactions of up to Rs 2,000 cannot attract any direct or indirect charge from banks or system providers, effectively keeping around 96 per cent of UPI transactions by volume within the zero-charge threshold.

In a Gazette notification dated September 14, the Department of Financial Services under the Ministry of Finance specified two electronic modes of payment — “Debit Card powered by RuPay” and “Unified Payments Interface (UPI) transactions up to Rs. 2,000.”