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Kotak Mahindra Bank: 1st lender to impose charges on UPI transactions

Date: 05 April 2019 Tags: Banking Agreements
  • Kotak Mahindra Bank become first lender the country to levy charges on peer-to-peer (P2P) UPI transactions across all platforms, namely, Paytm, Google Pay, PhonePe, Trucaller Pay etc.
  • For its own account holders, first 30 P2P UPI fund transfer will be free of cost, once exceeded 30 UPI transactions charge of Rs. 2.50 per transaction for of Rs. 1000 or less, and for transfers more than Rs.1000, Rs. 5 plus 18% GST charge will be applied.
  • No additional charges will be imposed upon receiving money via UPI for merchant transactions or bill payments. The limit introduced is to curb abuse of the UPI system.
  • National Payments Corporation of India (NPCI) has reduced charges on merchant transactions through UPI. It has brought transactions charges for amount below and above 1000, to a flat rate of 10 paise for all (along with an ad valoreum charge of 0.04% divided between issuing bank and acquiring bank).