Banks are charging more at its discretion in online payments

Banks are maneuvering to extort more money from customers even in the face of the Corona epidemic. If you are making online payments through the Unified Payment Interface (UPI) more than 20 times a month, you should be prepared to pay a higher charge.

Most of the private banks have started charging extra for online payments in excess of the prescribed number and are charging an additional charge of Rs 2.5 to Rs 5. Of course, the government has made it clear that payments through UPI will be free, but banks are arguing that the system is levied to avoid unnecessary payments on the system. According to a report by Ashish Das of IIT, Mumbai, the bank is defining the rules as it sees fit. While the payment is free and a charge can be levied on the transfer.

Highlighting the discrepancies between the banks, the report said the government and the RBI should abolish the system of compensating banks. Private banks have decided to charge UPIs at a time when its usage is growing at a monthly rate of 8 per cent. In April, 80 crore transactions were transacted through UPI while it is estimated to reach 160 crore in August.