Kerala HC: Applications under the Muslim Women’s Divorce Act Have a 3-Year Limitation Period  ||  Supreme Court: Property Transferred Before Filing a Suit Cannot be Attached under Order 38 Rule 5  ||  Supreme Court: No Review or Appeal is Maintainable Against an Order Appointing an Arbitrator  ||  SC: Terminated Contract is Not a Corporate Debtor’s Asset and a Moratorium Cannot Revive it  ||  SC: Cheque Dishonour Complaints Must be Filed at the Payee’s Home Branch under S.142(2)(A)  ||  Supreme Court: Bail Cannot be Granted Solely on Parity; Accused’s Specific Role Must be Assessed  ||  Kerala HC Upholds Life Terms For Five, Acquits Two in Renjith Johnson Murder, Says TIP Not Needed  ||  Kerala HC Orders Emergency Electric Fencing at Tribal School to Address Rising Wildlife Conflict  ||  Madras HC: Arbitrator Can’t Pierce Corporate Veil to Bind Non-Signatory and Partly Sets Aside Award  ||  Calcutta HC: Post-Award Claim For Municipal Tax Reimbursement is Not Maintainable under Section 9    

Directions on charging of fees for transactions settled on Immediate Payment Service and Unified Payments Interface- (Press Information Bureau) (21 Dec 2016)

MANU/PIBU/1074/2016

Banking

In line with the Central Government's objective of promotion of payments through cards and digital means over payments in cash, the Reserve Bank of India (RBI) has recently rationalized customer charges for transactions up to Rs. 1000/- settled on Immediate Payment Service (IMPS), Unified Payments Interface (UPI) and Unstructured Supplementary Service Data (USSD) with effect from 01.01.2017 till 31.03.2017. RBI has also rationalized the Merchant Discount Rate (MDR) for debit card transactions up to Rs. 2000/- with effect from 01.01.2017 till 31.03.2017. In order to further promote digital and card payments, the Department of Financial Services (DFS), Ministry of Finance has issued a direction in public interest to all Public Sector Banks (PSBs), 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. 1000/-, with service tax being charged at actuals. For Unstructured Supplementary Service Data (USSD) transactions above Rs. 1000/-, a further discount of fifty paise on these rates shall apply.

Tags : DIRECTION   TRANSACTION   FEES  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved