Finance Ministry on UPI Charges: The Finance Ministry on Sunday said that the ‘United Payment Interface’ (UPI) is a useful digital service for the people and the government is not contemplating imposing a fee on it. In fact, there was a lot of discussion that the government is going to bring a system of levying charges on UPI payments.
The situation became clear from the statement of the Finance Ministry
This statement of the Finance Ministry allays the apprehensions arising out of the discussion paper of the Reserve Bank of India (RBI) on charges in the payment system. The discussion paper suggests that UPI payments may be charged with different amount categories. As of now, there are no charges on transactions through UPI.
The Finance Ministry tweeted clearly – no idea of charge on UPI
In a tweet, the Finance Ministry said, “UPI is a useful service for the people, bringing great convenience to the people and increasing the productivity of the economy. The government is not considering imposing any charges for UPI services. Recovery of cost The concerns of the service providers will have to be met through other means.
The issue of charge on UPI payment was raised from the review paper of RBI
With the increasing use of UPI in the country, the Reserve Bank has released a review paper on payment system charges. In this paper, it was said to levy a special charge Merchant Discount Rate charged on UPI transactions. This charge depends on the amount transferred. According to the amount of money transfer in this paper, a band should be prepared in which money should be charged from you according to the band. It has also been suggested in this paper that charges in UPI should be charged at a fixed rate or according to the transfer of money. Please note that at present, no fee can be charged on UPI transactions.
People were confused by media reports
The clarification from the government came after media reports that claimed that the central bank is considering adding charges to every financial transaction done through the UPI system. The reports had become a topic of discussion on social media and many people had also sought an explanation for the Indian government’s handle on the report.
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