Pvt banks charging fee on more than 20 P2P UPI transfers in a month: Report

Defending the move, bankers said that the charges have been introduced in a bid to prevent frivolous transactions from putting a load on the system

As people switch to online transactions to avoid visiting banks amid the coronavirus pandemic, all large private sector banks are charging for person-to-person payments using the Unified Payments Interface beyond 20 times a month. The charges range from Rs 2.5 to Rs 5, Times of India reported. 

According to reports, the use of UPI has been growing by 8 per cent month on month basis during the lockdown. The projections estimate UPI transaction to go up to Rs 160 crore in August as compared to 80 crore in April 2019. 

Defending the move, bankers said that the charges have been