UPI Will Refund the Charge Levied on the Transaction After January

Banks will be required to reimburse charges levied on transactions made through electronic mode from January 2020 onwards. The CBDT issued a circular on Sunday telling banks to do the same. The move is believed to be aimed at promoting digital transactions. Electronic transactions include Power Debit Card, Bhim, Bhim UPI QR Cord etc. It has been asked not to charge for transactions made through all these means in future.

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A record 149 crore transactions in July
According to NPCI data, digital payments by UPI set a record in July this year. 149 crore transactions were made by UPI in July. Its total value reaches Rs 2.91 lakh crore. Earlier, 134 crore transactions were transacted in June. It was valued at Rs 2.61 lakh crore.

Banks were also instructed to refund charges levied on customers for digital transactions on or after January 1, 2020. Electronic mods prescribed under Section 269SU and No charge will be levied on any future transactions made through fixed mode, ”the regulator mentioned in its circular.

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