India, Sept. 15 -- Opening doors for the reintroduction of the merchant discount rate (MDR) on high-value UPI payments, the finance ministry has notified amendments to the Payment and Settlement Systems Act (PSSA), 2007.

In a gazette notification dated September 14, the ministry directed the banks and other system providers to not impose any charge on RuPay-powered debit cards and UPI payments of up to Rs.2,000.

". The Central government hereby specifies the following electronic modes of payment, namely:. debit card powered by RuPay; and unified payments interface (UPI) transactions up to Rs.2,000. No bank or system provider shall impose, whether directly or indirectly, any charge upon a person making or receiving a payment by using the...