UPI transactions up to Rs 2,000 will not incur bank fees: What it means for users
The government has announced regulations stating that banks and payment system providers are prohibited from charging fees on UPI transactions up to Rs 2,000, clarifying the recent discussion on potential fees for digital payments.
The Ministry of Finance on Monday released a gazette notice in accordance with the Payment and Settlement Systems Act of 2007. It specified UPI transactions not exceeding Rs 2,000 and debit card payments via RuPay as electronic payment methods for which customers cannot incur charges.
