New Delhi, Sept. 15 -- The government has announced that banks cannot impose any charges on Unified Payments Interface (UPI) transactions of up to 2,000 rupees. According to a government gazette notification no charges can be imposed on such 2,000 rupees payments made through RuPay-powered debit cards either. The notification said no bank or system provider can impose any direct or indirect charge on a person making or receiving payments through these modes.

The Finance Ministry notified the changes under the Payment and Settlement Systems Act to clarify the rules around charges on UPI transactions. The notification specifically categorised RuPay-powered debit cards and UPI transactions of up to 2,000 rupees as "electronic modes of payme...