The government has clarified that banks and payment system providers cannot impose direct or indirect charges on UPI transactions of up to Rs 2,000. The protection also covers payments made through RuPay powered debit cards.
The Finance Ministry issued a notification on Monday under the Payment and Settlement Systems Act, 2007, formally specifying UPI transactions up to Rs 2,000 and RuPay debit card payments as electronic modes covered by the no charge provision.
The clarification comes amid concerns that recent amendments to the payments law could eventually result in charges for UPI users. The government has maintained that consumers will not have to pay transaction fees for using UPI.
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