New Delhi, Oct. 13 -- The pension regulator has written a letter to the finance ministry to exempt National Pension System (NPS) contributions made through UPI from merchant transaction charges, mentioning that subscribers are simply moving money from one of their accounts to another, according to three people familiar with the matter.

"So I am taking the argument that it is my (consumer) money going from one account to my own account. There is no merchant here. Why pay?" said one of the people aware of the development.

The Pension Fund Regulatory and Development Authority (PFRDA) has told the department of financial services (DFS) that contributions made through the NPS Direct Remittance (D-Remit) facility should be treated as person-t...