Friends, Ramkaran is asking a question from everyone, and on this platform of our voices, many knowledgeable people are present and share their views. We want to know: If we have a pension account in Punjab National Bank and we lose our passbook, can we get a new passbook from any branch of Punjab National Bank?
on 24th March 2023, when the National Payments Corporation of India (NPCI) recently released a circular in which it recommended a 1.1 per% interchange fee on UPI transactions above Rs 2,000. Since this circular created so much confusion, the NPCI clarified by saying that there is no charge for bank account to bank account based UPI payments. Normal UPI payments will be free of cost. So now what about the 1.1% charges? Who will be pay that? Now many people, companies, or businesses, have registered on PhonePe, MobiKwik, AmazonPay, GooglePay, etc. as a ‘Merchants’. This is like a business account. Now when you pay your meatwala Rs 2,200 using any UPI, then the meatwala will only receive Rs 2,175.80. The Rs 24.20 i.e 1.1% will be deducted and this money will go to the government. Remember this 1.1% fee rule will only be applicable on merchants who have monthly transactions of more than Rs 50,000. Merchants with monthly transactions less that Rs 50,000 will not have to pay the 1.1% fees. This rule will be starting from 1st April 2023. Remember as a person, you can send money, make payments to anyone and you will not be charged. At least for now. Now that merchants are being charged 1.1%, will they increase price of the good? What will happen? We will have to wait for watch.
The Reserve Bank has selected a total of 9 banks for digital currency to be used for large transactions from November 1. Digital Rupee will be used for large payments and settlements.
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