RBI had earlier released a paper on levying charges for payment systems including UPI, NEFT and IMPS
RBI had earlier released a paper on levying charges for payment systems including UPI, NEFT and IMPS
The Reserve Bank of India (RBI) on Sunday issued a discussion paper on levying charges in payment systems, four days after the Finance Ministry on Sunday called UPI services a ‘digital public good’ and said the government was not looking at levying charges for them. has done. UPI, NEFT and IMPS.
While officials aware of the deliberations behind the central bank’s discussion paper said the idea was only to help firms providing UPI services recover their operating costs, perhaps with fees as low as a paise or two per transaction. By imposing, the ministry said that these concerns can be addressed through other solutions.
“In order to ensure this balance, it was found useful to undertake a comprehensive review of the various charges levied across payment systems by highlighting the various dimensions and seeking feedback from the stakeholders.”reserve Bank of India
“UPI is a digital public good with immense convenience for the public and productivity gains for the economy. There is no thought in the government to levy any charges for UPI services,” the ministry said in a statement on Sunday.
“The concerns of the service providers for cost recovery should be met through other means,” the ministry said, adding that the government had made financial commitments for the digital payments ecosystem last year as well as this year to further adopt and promote them. assistance was provided. Payment platforms that are ‘affordable and user friendly’.
On August 17, the RBI released a discussion paper on fees in payment systems, stating that such charges should be fair and competitively determined to users, while also providing an optimal revenue stream for intermediaries.
“In order to ensure this balance, it was found useful to conduct a comprehensive review of the various charges levied across payment systems by highlighting the various dimensions and seeking feedback from stakeholders,” the central bank said. About the high and non-transparent fee.
“The focus of RBI’s initiatives in payment systems is to minimize friction arising from systemic, procedural or revenue-related issues,” the discussion paper sought for public feedback on the views by October 3.
The discussion paper covers all aspects related to payment systems such as Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT) system, Real Time Gross Settlement (RTGS) system and Unified Payment Interface (UPI)]and fees in various payment instruments. has been done. Such as debit cards, credit cards and prepaid payment instruments.