Banks asked to refund charges collected on UPI transactions
"Such practice on part of banks is a breach of section 10A of the PSS Act as well as section 269SU of the IT Act. Such breach attracts penal provisions under section 271DB of the IT Act as well as section 26 of the PSS Act," the circular said.
The government has directed banks to refund charges, including merchant discount rate (MDR), if any, collected on UPI transactions on or after January 1, 2020. Photo: Reuters