1 hr ago
Finance Ministry Clarifies UPI Surcharges for Payments Above ₹2,000
The Finance Ministry explained how charges for UPI payments should work.
Payments up to ₹2,000 cannot have transaction fees added for consumers.
This means users should not pay an extra charge for those payments.
Some payments above ₹2,000 may involve a surcharge.
However, the surcharge is not supposed to be charged to the customer.
Banks may need to handle the cost themselves or through other arrangements.
The announcement was meant to clarify who should pay transaction-related charges.
The article does not specify when the clarification takes effect.
The Finance Ministry clarified rules on charges linked to UPI transactions.
Banks cannot pass transaction fees to consumers for UPI payments up to ₹2,000.
Users will not pay an additional charge on UPI payments within that limit.
A surcharge may apply in certain cases for transactions above ₹2,000.
Any applicable cost above ₹2,000 is not meant to be passed to consumers.
- Who
- The Finance Ministry, banks, and UPI users are involved.
- What
- The Finance Ministry clarified that transaction fees cannot be passed to consumers for UPI payments up to ₹2,000, while costs above that amount are also not meant to be passed on.
- Where
- When
- Why
- To clarify how transaction fees and possible surcharges should be handled.
Key facts
- Payment threshold
- ₹2,000
- Payments within threshold
- Banks cannot pass transaction fees to consumers.
- Payments above threshold
- A surcharge may apply in certain cases.
- Consumer liability
- Applicable costs are not meant to be passed to consumers.
- Clarifying authority
- Finance Ministry
- Payment system
- Unified Payments Interface (UPI)
Sources
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