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

Measures shall come into effect from January 1, 2017 and shall be applicable till March 31, 2017

BS Web Team  |  New Delhi 

People walk past the Reserve Bank of India (RBI) head office in Mumbai, India.Photo: Reuters
People walk past the Reserve Bank of India (RBI) head office in Mumbai, India.Photo: Reuters

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.

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

Measures shall come into effect from January 1, 2017 and shall be applicable till March 31, 2017

Measures shall come into effect from January 1, 2017 and shall be applicable till March 31, 2017
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.
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Business Standard
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RBI removes any charges on transactions upto Rs 1,000 settled on IMPS, USSD, UPI systems

Measures shall come into effect from January 1, 2017 and shall be applicable till March 31, 2017

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.

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Business Standard
177 22