India, Sept. 15 -- Centre on Monday notified a change to the Payment and Settlement Systems Act to say that no charges can be imposed on UPI transactions of up to Rs.2,000, settling one part of a broader debate over fees on a system that is now used for transfers of small everyday sums to tens of thousands of rupees.

The Ministry of Finance said in the gazette notification that the prohibition, issued under Section 10A of the Act, covers two categories: payments made through RuPay debit cards, and UPI transactions up to the Rs.2,000 threshold. No bank or system provider, the notification says, may impose any charge, directly or indirectly, on a person making or receiving payment through these modes.

No - at least not for the consumer. S...