RBI mulls introducing charges on UPI-based funds transfer (UPI as a funds transfer system is like IMPS)

  • The RBI Paper said UPI as a funds transfer system is like IMPS. Therefore, it could be argued that the charges in UPI need to be similar to charges in IMPS for fund transfer transactions.
  • The RBI Paper asked stakeholders if debit card transactions should be charged as normal funds transfer transactions; and whether RuPay cards should be treated differently from other debit cards affiliated to international card networks in terms of MDR.


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