New Delhi, Sept. 15 -- The Centre has barred banks and payment system providers from imposing direct or indirect charges on Unified Payments Interface (UPI) transactions of up to Rs 2,000 and payments made using RuPay-powered debit cards.

The Finance Ministry notified the specified electronic payment modes under the Payment and Settlement Systems Act, 2007, clarifying that neither the person making nor receiving such payments can be charged.

Notification Clarifies UPI Charges

The move follows concerns over potential charges on UPI transactions after Parliament recently passed amendments to the Payment and Settlement Systems Act, reported Economic Times.

Finance Minister Nirmala Sitharaman had earlier clarified that the amendments did ...