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    Bajaj Finserv shares fall after FinMin says there is no move to levy fee on UPI transactions

    Bajaj Finserv shares fall after FinMin says there is no move to levy fee on UPI transactions

    Bajaj Finserv shares fall after FinMin says there is no move to levy fee on UPI transactions
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    By CNBCTV18.com  IST (Published)

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    The shares were trading 2.3 percent down at Rs 15,918.4 on BSE at the time of writing.

    Shares of Bajaj Finserv fell almost 3 percent a day after the Finance Ministry said that there is no consideration to levy any charges on transactions via United Payments Interface (UPI).
    This statement allays fear emanating from the RBI's discussion paper on charges in the payment system, suggesting that UPI payments might be subject to a tiered charge based on various amount brackets.
    The shares were trading 2.3 percent down at Rs 15,918.4 on BSE at the time of writing.
    Currently, there are no charges levied on transactions done through UPI.
    The finance ministry said in a tweet that there is no consideration to levy any charges for UPI services and that the concerns of the service providers for cost recovery have to be met through "other means".
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    The RBI discussion paper issued earlier this month said UPI as a fund transfer system is like IMPS, and therefore, it could be argued that the charges in UPI need to be similar to charges in IMPS for fund transfer transactions.
    "The Govt had provided financial support for #DigitalPayment ecosystem last year and has announced the same this year as well to encourage further adoption of #DigitalPayments and promotion of payment platforms that are economical and user-friendly," another tweet from the ministry said.
    The government has mandated a zero-charge framework for UPI transactions with effect from January 1, 2020. This means that charges in UPI are nil for users and merchants alike.
    (With agency inputs)
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