To encourage digital transactions, Government asked all public sector banks to limit the charges for various forms of digital transactions up to March 31, 2017.
Government today released a statement – “In order to further promote digital and card payments, the Department of Financial Services, Ministry of Finance has issued a direction in public interest to all public sector banks, in accordance with which these banks shall not charge fees for transactions settled on Immediate Payment Service (IMPS) and Unified Payments Interface (UPI) in excess of rates charged for National Electronic Funds Transfer (NEFT) for transactions above Rs 1,000, with service tax being charged at actuals, For USSD transactions above Rs 1,000, a further discount of fifty paise on these rates shall apply,”
Transactions using RuPay, USSD, UPI and Aadhar Enabled Payment System (AEPS) will be covered under this scheme, payments made through credit cards and e-wallets would not be covered.