Govt bars banks from levying charges on UPI payments up to ₹2,000 | Economy & Policy News

The government on Monday notified changes to the Payment and Settlement Act, specifying that banks cannot impose charges on payments made through Unified Payments Interface (UPI) transactions of up to Rs 2,000 ($20.93).

A government gazette notification specified RuPay-powered debit cards and UPI transactions of up to Rs 2,000 as electronic modes of payment and said no bank or system provider shall impose any direct or indirect charge on a person making or receiving payments through these modes.