No bank charges on UPI payments of up to Rs 2,000: Govt

Government on Monday notified that banks and payment system providers cannot impose direct or indirect charges on Unified Payments Interface (UPI) transactions of up to Rs 2,000 or payments made using RuPay debit cards.The notification was issued under Section 10A of the Payment and Settlement Systems Act, 2007.“In exercise of the powers conferred by section 10 A of the Payment and Settlement Systems Act, 2007 (51 of 2007), the Central Government hereby specifies the following electronic modes of payment, namely: (i) Debit Card powered by RuPay; and (ii) Unified Payments Interface (UPI) transactions upto Rs.