India bans bank fees on UPI payments up to Rs 2,000
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AI-generated summary of the coverage listed below: On Monday, the Indian government notified changes to the Payment and Settlement Act that prohibit banks from charging fees on Unified Payments Interface (UPI) transactions of up to 2,000 rupees (about $21). The regulation, announced in a government gazette, applies to RuPay debit cards and other electronic payment methods, ensuring that small UPI payments remain free for consumers. This move follows earlier concerns about a potential return of the Merchant Discount Rate on UPI transactions.
Covered by 18 outlets across the spectrum: 17% left, 39% center, 44% right.
Who is covering this story
- Left-leaning (2): The Federal, The Hindu
- Center (7): ABP Live English, Inc42, Business Today, Deccan Herald, Free Press Journal, Mid-Day, The New Indian Express
- Right-leaning (5): Sunday Guardian, Times of India, India Today, India TV English, Times Now
Sources
- UPI Charges Explained: Who Pays, Who Is Exempt Under New Rules? — ABP Live English (center)
- Govt Notifies New Rules, No MDR For UPI Transactions Under ₹2,000 — Inc42 (center)
- UPI Payment News: UPI Free Till Rs 2,000? Government Clarifies New Rule, But What About Rs 5,000 and Rs 10,000 UPI Payments? Check Who May Pay MDR — Sunday Guardian (right-leaning)
- UPI Payment Rule Change: Will You Now Pay For UPI Transactions Above Rs 2,000? Check What The New Government Notification Actually Says — Sunday Guardian (right-leaning)
- UPI payments of up to Rs 2,000 remain free; no clarity yet on MDR for higher payments — The Federal (left-leaning)
- Free to fee: 0.4% on UPI payments over Rs 2,000 — Times of India (right-leaning)
- No bank charges on UPI payments of up to Rs 2,000: Govt — Times of India (right-leaning)
- UPI stays free: Finance Ministry bars charges on transactions up to Rs 2,000 — Business Today (center)
- India bars bank charges on UPI payments up to Rs 2,000 — Deccan Herald (center)
- Centre Prohibits Banks, System Providers From Charging For UPI Transactions Up To ₹2,000 — Free Press Journal (center)
- Centre Notifies Zero Charges On UPI Payments Up To Rs 2,000 And RuPay Debit Cards — India Today (right-leaning)
- Govt bars bank charges on UPI payments up to Rs 2,000 and RuPay debit card transactions — India TV English (right-leaning)
- Will UPI payments above Rs 2000 be charged? Government clarifies new rules — India TV English (right-leaning)
- Banks cannot impose charges on UPI payments up to Rs 2,000: Govt — Mid-Day (center)
- UPI payments above Rs 2,000 won’t be free — The New Indian Express (center)
- Govt. bars bank charges on payments up to ₹2,000 via UPI, RuPay-powered debit cards — The Hindu (left-leaning)
- Plea in Supreme Court challenges levy on UPI payments above ₹2,000 — The Hindu (left-leaning)
- Modi Govt Says No UPI Charges Upto ₹2,000, Congress Hits Back; Freebies Galore, Why Not Free UPI? — Times Now (right-leaning)