Finance Ideas: According to the recent decision taken by the Reserve Bank of India (RBI), there will be no charges of any kind for transactions up to Rs 2,000 on UPI using Rupay Credit Card.
RBI If you also often make payments through Unified Payments Interface (UPI) in the market or other places, then this news will make you happy. According to the recent decision taken by the Reserve Bank of India (RBI), no charges will be levied for transactions up to Rs 2,000 on UPI using Rupay Credit Card. Instructions have been given regarding this UPI in the recently issued circular by RBI.
UPI’s circular order came into effect from October 4
Let us tell you that the Rupee Credit Card is in circulation for the last four years. All major banks of the country are associated with this Rupay credit card. RBI has said in the circular issued on Tuesday (October 4). That ‘Customer’s consent is required to enable RuPay Credit Card for all transactions in the process of linking the credit card on the App and generating the UPI PIN.’
Applicable on amount of Rs.2,000 or less
NPCI has said that the existing process of UPI app for international transactions will also apply to credit cards. And it has also been said that the zero Merchant Concessional Rate (MDR) for this category will also be applicable up to the transaction amount of Rs 2,000 or less.
In the information given by RBI, it has been said that ‘this circular will be applicable from the date of issue. That is, this rules has come into force from 4 October 2022. RBI has also said that the members are requested to take note of this circular and bring the contents of this circular to the notice of the concerned stakeholders.
The Deputy Governor of the Reserve Bank of India’s had said
Reserve Bank of India’s Deputy Governor T Ravi Shankar had already said that ‘the purpose of linking credit cards with UPI is to provide wider payment options to the customer. Currently UPI is linked to savings accounts and current accounts through debit cards.
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