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RBI/2016-17/185
DPSS CO.PD.No.1516/02.12.004/2016-17
December
16, 2016
The Chairman and Managing
Director / Chief Executive Officers
All participants in Immediate Payment Service (IMPS),
Unified Payment Interface (UPI) and
Unstructured Supplementary Service Data (USSD) based *99# Systems
Dear Madam/ Sir,
Special Measures upto March 31,
2017 : Rationalisation of customer charges for Immediate Payment Service
(IMPS), Unified Payment Interface (UPI) & Unstructured Supplementary
Service Data (USSD)
Following the withdrawal of
legal tender characteristics of existing ? 500/- and ? 1000/- Bank Notes
(Specified Bank Notes – SBN) vide Circular No.DCM (Plg) No.1226/10.27.00/2016-17
dated November 08, 2016, the Government has been taking several measures in
consultation with the various stakeholders to incentivise greater adoption
of digital payments by large sections of the society. As a temporary
measure, it has now been decided that all participating banks and Prepaid
Payment Instrument (PPI) issuers shall not levy any charges on customers
for transactions upto ? 1000 settled on the Immediate Payment Service
(IMPS), USSD-based *99# and Unified Payment Interface (UPI) systems.
2. The above measures shall come
into effect from January 1, 2017 and shall be applicable till March 31,
2017. In the intervening period, the Reserve Bank of India will facilitate
a review of the charges under the aforesaid channels by the concerned
stakeholders.
3. The directive is issued under
Section 10(2) read with Section 18 of Payment and Settlement Systems Act
2007, (Act 51 of 2007).
Yours faithfully
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