Government bars fees on UPI payments up to Rs 2,000, RuPay debit card payments
The Ministry of Finance announced that banks cannot charge fees on UPI transactions up to ₹2,000 and RuPay debit card payments. This decision follows data showing that only 4% of person-to-merchant UPI payments exceeded ₹2,000, yet these transactions accounted for two-thirds of the total payment value. This regulation aims to promote digital payments in India.