Reserve Bank of India: If you often make purchases or other payments via the Unified Payments Interface (UPI), you’ll be pleased to hear this information. The Reserve Bank of India (RBI) has decided that there will be no cost for UPI transactions up to Rs 2,000 while using the Rupay Credit Card. In its most recent circular, the RBI provided instructions in this respect.
Beginning on October 4, the circular’s order went into force.
Let us inform you that for the last four years, the Rupay credit card has been popular. It is linked to all of the country’s main banks. “The procedure of attaching the credit card on the app and establishing the UPI PIN needs the customer’s agreement to allow the credit card in all sorts of transactions,” the RBI circular that was released on Tuesday (October 4) said.
Relevant to sums of Rs. 2,000 or less.
According to NPCI, credit cards will also be allowed to use the app’s current foreign transaction procedure. Additionally, it said that up to a transaction value of Rs 2,000 or less, there will be no merchant concessional rate (MDR) payable for this category.
According to the information provided by the RBI, this circular will be effective as of its publication. This means that as of October 4th, this regulation is in force. Additionally, RBI said that members are urged to take note of this and inform the relevant parties of its contents.
The goal of integrating credit cards with UPI is to provide customers more payment alternatives, according to RBI Deputy Governor T Ravi Shankar. Currently, debit cards are used to connect UPI to savings or current accounts.
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