UPI Payment Charges: As you know that currently no charge is taken for UPI (Unified Payment Interface) through the government or banks, but there are some rules that are now on the way to free UPI. I am becoming difficult. Some rules for banks of Reserve Bank of India are proving to be contradictory in front of free UPI charge and due to this, there is a demand to make any rules regarding UPI payments. The problem before the banks is how to manage it.
Limit on debit from accounts- UPI is free Having trouble adjusting. There are certain transaction limits for withdrawing money from banks for customers every month or every year, which are not there in UPI.
RBI can take the cost of UPI transactions on itself
Now if RBI takes over the cost of UPI payments, then this problem can be solved. According to a report in Times of India, if RBI takes over the cost of UPI transactions as it does for printing currency, then it can be easy for banks. According to Ashish Das of IIT Bombay, some banks have put a limit on debit from savings accounts like Indian Overseas Bank has given 50 free debit transactions to its customers in six months from the savings account, while going above Rs 5 per transaction. The bank charges Rs. On the other hand, Canara Bank has given the facility of 4 free debit transactions in its basic savings account in a month.
No charge on UPI but limit on debit from accounts – what is the solution after all
While RBI has kept UPI payments unlimited and they are not charged at present, but on the other hand banks It is approved that they can put a cap on debit transactions, that is, they can fix the limit. Because of this, the trend of UPI has increased strongly in the country at this time and a conflict situation may arise between banks and RBI.
Who bears the cost of UPI transactions- the big question
The report states that on one hand RBI is asking banks to charge for withdrawing money from accounts, on the other hand more and more Asks to meet the need for more digital transactions, this has led to some strange confusion in front of the banks. Along with banks & nbsp; private fintech companies also say that eventually someone will have to bear the financial burden of UPI transactions and there is a need to create a mechanism for this. Recently, banks have also given information to RBI in this regard. However, the government is determined that UPI transactions should be kept free for the people so that the dream of Digital India can be realized soon.
A huge amount is spent on printing of currency
Government and RBI together bear the cost of printing of notes and in the last few years, about 5400 crores on printing, its maintenance and maintenance of currency. There has been an expenditure of Rs. In comparison, the cost of UPI is very less and it is also easy, so why should the banks bear all the expenses for this – the question is arising.
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