UPI Users Take Note: Banks May Now Impose Charges on Select Transactions

The Lok Sabha passed an amendment to the Payment and Settlement Systems Act, 2007, enabling the government to allow banks and payment service providers to impose charges on transactions via UPI and other digital payment platforms. This change aims to establish a sustainable financial framework for India's digital payments ecosystem, though charges on UPI transactions are not immediate and will require separate notification.

This Wire brief sits within Fusion42's coverage of Fintech.