Finance Ministry Clarifies On UPI Services Being ChargedTop Stories

August 22, 2022 18:23
Finance Ministry Clarifies On UPI Services Being Charged

The United Payments Interface (UPI) turned out to be the most used platform in the country for digital payments and to transfer funds. A couple of days ago, there are talks that the RBI and the Finance Ministry may impose charges on UPI payments and this left crores of people in shock as they are now completely dependent on the payment platform. Keeping an end to the speculations, the Finance Ministry said that the UPI payment is introduced for the people and the public and the government has no plans or thoughts to levy charges on UPI. This turned out to be a huge relief after the Union Finance Ministry issued a statement against the rumors.

"UPI is a digital public good with immense convenience for the public & productivity gains for the economy. There is no consideration in Govt to levy any charges for UPI services. The concerns of the service providers for cost recovery have to be met through other means. The Govt had provided financial support for #DigitalPayment ecosystem last year and has announced the same this year as well to encourage further adoption of #DigitalPayments and promotion of payment platforms that are economical and user-friendly" told the official tweet of the Finance Ministry.

The discussion paper of RBI said that UPI is like IMPS and charges can be levied on UPI like the charges imposed for IMPS funds transfer. The Indian government announced a zero-charge framework for the transactions made through UPI from January 1st 2020.

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