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Govt Aims to Shield Users from UPI Fees
18 Sep
Summary
- New UPI charges may apply from October 15.
- Government works to prevent customer cost pass-on.
- Banks instructed to ensure compliance daily.
Starting October 15, a new cost will be introduced for certain higher-value UPI transactions in India. The central government is taking proactive steps to ensure that customers are shielded from these additional charges.
Plans are underway to collaborate with payment aggregators to prevent merchants from passing on the Merchant Discount Rate to end-users. Banks have been directed to enforce this, with daily monitoring of compliance to begin from the specified date.
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