business π³ Govt. lets banks charge fees on UPI transactions
The Lok Sabha passed a bill on Thursday, August 6, 2026, to allow banks to charge fees on UPI payments. This legislation amends the Payment and Settlement Systems Act, 2007, authorizing charges on electronic payments. The bill was passed via voice vote without debate, amid opposition sloganeering. This change removes the provision that previously banned Merchant Discount Rate on notified electronic modes. The government aims to create a sustainable revenue model for the digital payments ecosystem moving forward. πΈ