Dear group,
Unified Payments Interface (UPI) transactions will shortly become
chargeable pursuant to the recent amendment to the Payment and
Settlement Systems Act, 2007. By virtue of this amendment, Parliament
has conferred authority upon banks and other financial institutions to
levy a nominal fee on UPI transactions.
The rationale underlying this legislative change is to ensure the
sustainable maintenance and operation of UPI infrastructure by banks and
payment service providers. At present, Real Time Gross Settlement (RTGS)
and National Electronic Funds Transfer (NEFT) transactions fall within
the category of chargeable payment services, whereas UPI transactions
had hitherto been exempted. The amendment seeks to harmonize the
regulatory framework by bringing UPI transactions within the ambit of
chargeable services, thereby aligning them with other established modes
of electronic fund transfer.
this is for information only,
Bhawani
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