If you too often pay through UPI, then this news will shock you. Reserve Bank of India may levy fees on UPI based fund transfer. Due to this, transferring funds from UPI may become costly in future.
RBI Charges on UPI Transfer: If you too often pay through UPI, then this news will shock you. Reserve Bank of India may levy fees on UPI based fund transfer. Due to this, transferring funds from UPI may become costly in future. This is being considered to remove the cost of fund transfer from the RBI.
Advice sought from people for levying fees
For this, ‘Discussion Paper on Charges in Payment System’ has been issued by RBI. RBI has also sought advice from the people regarding the imposition of fees. On behalf of the central bank, it was said in this paper that as an operator, the Reserve Bank (RBI) has to compensate for the large investment and operating cost in RTGS.
Expenses on UPI will be taken
According to the Reserve Bank, public money has been invested in this. In such a situation, it is necessary to remove its cost. RBI also clarified that the charges levied in Real Time Gross Settlement i.e. RTGS is not a means of earning. But the expenditure on UPI will be taken so that this facility continues without any interruption in future.
Real time fund transfer facility
UPI provides the facility of real time transfer for payment transfer. Similarly, it also ensures real time settlement. There is a need to prepare the infrastructure to prepare this entire system and run the fund transfer without any risk. It also costs a lot.
RBI also questioned that who will bear the huge cost of creating and making costly infrastructure effective in the situation of free service. It is clear from these questions of the Reserve Bank that in the coming days, transferring funds from UPI can be expensive.
