Due to the corona virus epidemic, online and digital transactions in the country have increased significantly in the last few months. In this, the Unified Payment Interface (UPI) with NEFT, RTGS, IMPS provided major support. In recent times, cash transfers and payments through UPI have increased rapidly, but the Times of India has published some articles saying that private banks have silently started charging extra on this in defiance of central government regulations.
According to them, private banks are charging between Rs 2.5 and Rs 5 per transaction after 20 UPI payments. Private banks said they imposed the charge after the 20 transaction limit to reduce the number of small transactions. However, the Modi government has given clear instructions that no bank should charge any fees on UPI payments.
The reason for banks to charge extra charges on UPI payments is that they will be charged after the 20 transaction limit to minimize unnecessary transactions. Bankers say more transactions will increase the burden on the system. He said big transactions should take place through UPI. Experts say private banks are using their own rules that no charges will be levied on payments but fees will be charged on cash transfers.