Great news:"No service charge will be levied on UPI"



The Union Finance Ministry has clarified that no service charge will be levied on UPI transactions. In a tweet, the Finance Ministry said, “UPI is a digital public good which is immensly convenient for the masses and productivity gains of the economy. There is no proposal in the government to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means.”


The Finance Ministry said, “The government provided financial support for the digital ecosystem last year and this year also announced to encourage the adoption of digital and promote payment platforms which are economical and user-friendly. "

Clarification from the government came after media reports that claimed that the central bank is considering adding charges to every financial transaction done through the UPI system. The report became a topic of hot discussion on social media and many people also sought an explanation from the Indian government on it.

Along with UPI, the Reserve Bank had also sought the opinion of people on levying charges on services like debit card transactions, RTGS, NEFT etc. RBI had said that levying charge on payment through Debit Card Payment System, RTGS Payment System and NEFT Payment System is not unreasonable. To ensure these services, an infrastructure has been created on which huge investment has been made.

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