Bill amends Payment and Settlement Systems Act, 2007 to allow govt to authorize charges on UPI and other notified e-payment modes
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Lok Sabha passes bill to authorise govt to permit banks to levy charges on UPI transactions
The Lok Sabha passed a Bill amending the Payment and Settlement Systems Act, 2007, empowering the government to authorize banks and service providers to levy charges on UPI and other notified electronic payment transactions. This legislative move marks a significant shift from the current zero-charge UPI framework, potentially impacting digital payment economics and financial inclusion. The amendment grants the Centre regulatory flexibility to introduce nominal fees, which could affect merchant discount rates and consumer behavior. For competitive exams, this is a key development in financial sector reforms and digital payment policy.
Source: All India Radio News (official). This summary and analysis are AI-written from that report and are not individually fact-checked — confirm names, dates and figures with the source before you rely on them.
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Key points
Exam-ready takeaways
Passed by Lok Sabha; moves to Rajya Sabha for approval before becoming law
Currently UPI transactions are free for users; this enables potential introduction of nominal fees
Aims to ensure sustainability of digital payment infrastructure and compensate service providers
Part of broader financial sector reforms impacting digital economy and financial inclusion
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