RBI removes any charges on transactions upto Rs 1,000 settled on IMPS, USSD, UPI systems

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The Reserve Bank of India (RBI) on Friday instructed banks and other prepaid instrument service providers not to charge any fee, till March 31, 2017 for transactions charges up to Rs 1,000 using Immediate Payment Service (IMPS), USSD-based *99# and Unified Payment Interface (UPI) systems.

 

The temporary measures have been taken in view of the scrapping of old currency notes and to “incentivise greater adoption of digital payments by large sections of the society,” said in its notification.

 

The measures will be effective January 1, 2017.

 

“In the intervening period, the Reserve Bank of India will facilitate a review of the charges under the aforesaid channels by the concerned stakeholders,” the notification stated.