πΈ Govt can now let banks charge for UPI transactions
The Lok Sabha passed the Taxation and other Laws (Amendment) Bill, 2026 on Thursday, August 6. This move grants the Union government the power to allow banks and payment service providers to charge customers for UPI and digital payments. Previously, Section 10A of the Payment and Settlement Systems Act, 2007, prohibited such charges. This change is a response to continuous lobbying by banks amid rising UPI volumes. The bill also includes tax incentives to boost domestic electronics manufacturing.