Tech

Cashless Not Free Anymore? Private Banks Charging For More Than 20 UPI Transactions

New Delhi: Are you among those who are splitting the bill via Google Pay or PhonePe with friends? Did you know that some private banks like Kotak, Axis, ICICI and HDFC have started charging for peer-to-peer (P2P) transactions beyond 20 per month?

The huge volume of transactions is reportedly putting a load on the system, which is why such a decision was taken at a meeting of banks with National Payments Corporation of India (NPCI) on February 14, 2020. The UPI Steering Committee of NPCI agreed to limit free P2P fund transfer transactions to 20 per month at that meeting.

For transactions below Rs 1,000, the charge will be Rs 2.50 beyond the free limit. For transactions above Rs 1,000, the UPI fees will be Rs 5. An additional 18 per cent GST is not included.

Kotak Bank, which has reportedly sent notifications to customers regarding the charges, has increased the cap on number of free transactions to 30 peer-to-peer transactions per month.

Merchant payments, online shopping, bill payments etc. will, however, continue to be free. Only person to person (P2P) fund transfers would be chargeable.

UPI is fast replacing cash transactions in many places, and is growing at nearly 8 per cent month on month during lockdown period. There were 80 crore transactions in April 2019, a figure expected to reach 160 crore in August 2020.

OB Bureau

Recent Posts

Champions Trophy: India Vs Pakistan Clash On Feb 23 In Dubai; Check Groupings & Other Fixtures

Mumbai: The much-delayed schedule for the 2025 Champions Trophy has been finalised. As per the…

18 minutes ago

Did Sunny Leone Enroll For Chhattisgarh Govt Scheme Of Rs 1,000 A Month For Poor Women?

Raipur: Did actor Sunny Leone enroll for a Chhattisgarh government’s beneficiary scheme for economically weaker…

22 minutes ago

Burglars Loot Temple Donation Box In Odisha

Berhampur: Continuing to target places of worship in different parts of Odisha, burglars struck at…

43 minutes ago

Indian American Entrepreneur Sriram Krishnan To Lead Trump’s AI Policy

New York: US President-elect Donald Trump has nominated an Indian American entrepreneur and former aide…

47 minutes ago

Parliament Scuffle: BJP MPs Pratap Sarangi & Mukesh Rajput Discharged From Hospital

New Delhi: BJP MPs Pratap Sarangi and Mukesh Rajput, who suffered head injuries in the…

50 minutes ago

3 People Including 2 Toddlers Killed After Truck Runs Over Labourers Sleeping On Pune Footpath

Pune: Three people, including two toddlers, died on Monday when a dumper truck run over…

1 hour ago

This website uses cookies.