NewzThe government has announced that there will be no bank charges levied on Unified Payments Interface (UPI) transactions of up to Rs 2,000. The policy decision is aimed at encouraging digital transactions and providing relief to users making small-value payments through the popular digital payment system.
UPI has experienced exponential growth in India, becoming a primary mode of everyday financial transactions for millions. By waiving merchant discount rates or bank fees on transactions up to Rs 2,000, the government seeks to sustain this momentum and ensure that micro-transactions remain cost-free for the general public.
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