~ UPI has recorded 1.61 billion transactions amounting to Rs 2,98,307 crore or Rs 2.98 trillion in August shows data released by National Payments Corporation of India (NPCI).
~ A fresh milestone for India's digital payment railroad since its inception in 2016.
~ UPI has managed to regain its growth pace
~ UPI remained the most preferred way of digital payments
~ Nationwide lock-down and concerning amidst pandemic , digital banking is embracing new footprints
~ A key reason for the upswing in transactions is people preferring digital payments over physical cash, especially UPI, to pay for groceries, medicines, daily essentials etc
Regulatory View :
~ Recently, the Central Board of Direct Taxes had issued a circular directing all banks to stop applying any charge on payments made via the prescribed electronic mode of transactions — UPI, Rupay debit card and QR Code ensured spike in volumes
~The apex body of direct taxes had also asked banks to refund the charges collected on payments made via UPI, Rupay debit card, QR Code, or as MDR on transactions on or since January 1, 2020.
Source : Public
Team Ace Mentor Club