1. HDFC Bank mulls charge on UPI

HDFC Bank mulls charge on UPI

HDFC Bank on Thursday said it was “reconsidering” its decision of not charging customers for transactions made via UPI channel

By: | Published: June 9, 2017 4:14 AM
Unified Payments Interface, Unified Payments Interface news, Unified Payments Interface hdfc, hdfc hdfc bank, hdfc bank on upi, upi Although the National Payments Corporation of India allows banks to levy charges on UPI transactions, HDFC Bank is the first lender to actually do so. (PTI)

HDFC Bank on Thursday said it was “reconsidering” its decision of not charging customers for transactions made via the Unified Payments Interface (UPI) channel. “We have held it back too like few other banks. Reconsidering.” (sic), bank’s spokesperson Neeraj Jha tweeted. On Monday, the bank had sent an email to customers stating that it would charge Rs 3 on outward transactions of up to Rs 25,000 and Rs 5 for transactions of higher value, in addition to taxes. A maximum of Rs 1 lakh can be transferred through UPI. Although the National Payments Corporation of India allows banks to levy charges on UPI transactions, HDFC Bank is the first lender to actually do so. Charges are to be levied from July 10.

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