Wednesday, February 1, 2023
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No charges for UPI transactions up to Rs 2,000 on RuPay credit cards

Unified Payments Interface (UPI) linked transactions up to Rs 2,000 will not be charged on RuPay credit cards. Launched about four years ago, RuPay credit cards are being offered by all major banks to the retail and commercial segments. In the circular issued by the National Payments Corporation of India (NPCI), information has been given about the non-levy of charge.

NPCI said that as per the instructions of the Reserve Bank of India (RBI), there will be no charge on transactions up to Rs 2,000 on RuPay credit cards. Nil Merchant Discount Rate (MDR) will be applicable for transactions falling in this category. MDR is the cost which is paid by the merchant to the bank for taking payment from their customers through credit or debit cards. The merchant discount rate is a percentage of the transaction amount. RBI Deputy Governor of T Rabi Sankar recently said that UPI The purpose of linking credit cards to the customers is to give more payment options to the customers. UPI is linked to the savings or current accounts of the customers through debit cards.

Recently, the Ministry of Electronics and Information Technology and the RBI asked Internet search company Google to implement strict rules to prevent the use of illegal lending apps. Google has been instructed to rein in these apps. The RBI had recently asked lenders to make stricter rules for digital lending services after cases of fraud in the digital lending segment increased.

Its purpose was to protect the borrowers from forgery. Google has changed its store developer program policy for financial services apps. This includes additional terms and conditions for personal loan apps. In a bid to crack down on illegal digital lending platforms, the government and RBI have asked Google to increase scrutiny and ensure that only regulator-approved loan apps are available for download on the Google Play Store. Along with this, Google has also been instructed to reduce the distribution of these apps through websites and other means of download.

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