- UPI a useful digital service for people
- RBI had recommended charges on some transactions
- There are no charges for paying through UPI right now
UPI: The Finance Ministry on Sunday said that the ‘United Payment Interface’ (UPI) is a useful digital service for the people and the government is not considering imposing a fee on it. This statement by the ministry allays the concerns raised in the Reserve Bank of India (RBI) discussion paper on fees in the payment system. It has been said in the proposal by RBI that charges can be levied on different amount categories on UPI payments. Please note that there is currently no charge for payment through UPI.
No charges for UPI services
The finance ministry said in a tweet, “UPI is a useful service for the people which brings great convenience to the people and increases the productivity of the economy. The government is not considering levying charges for UPI services. To recover the cost, the concerns of the service provider must be met through other means .It is advertised to create and promote user-friendly payment platforms.
Six billion UPI transactions are historic, praised PM Modi
Let us tell you that a few days ago Prime Minister Narendra Modi called a record six billion transactions in the month of July through UPI (Unified Payments Interface) as a historic achievement. He said it reflects the collective will of the people to adopt new technologies and make the economy ‘clean’. Modi said this in response to the tweet of Finance Minister Nirmala Sitharaman. Taking to the media report, Sitharaman wrote on Twitter, “Record 6 billion transactions were done through UPI in July. It is the highest number since 2016.
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