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RBI paper asks how fees can be levied on digital systems

RBI did not specify whether it is in favour of or against levying charges on customers in its discussion paper. (Photo: RBI)Premium
RBI did not specify whether it is in favour of or against levying charges on customers in its discussion paper. (Photo: RBI)

The Reserve Bank of India (RBI) on Wednesday released a discussion paper on charges levied by payment systems. The discussion paper follows an announcement in December policy last year where RBI said it would seek public comments on how charges should be levied on digital systems.

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MUMBAI : The Reserve Bank of India (RBI) on Wednesday released a discussion paper on charges levied by payment systems.

The discussion paper follows an announcement in December policy last year where RBI said it would seek public comments on how charges should be levied on digital systems.

The paper covers all aspects relating to charges in payment systems such as Immediate Payment Service (IMPS), National Electronic Funds Transfer (NEFT) system, Real Time Gross Settlement (RTGS) system and Unified Payments Interface (UPI) and various payment instruments such as debit cards, credit cards and Prepaid Payment Instruments (PPIs).

“While there are many intermediaries in the payments transaction chain, consumer complaints are generally about high and non-transparent charges. Charges for payment services should be reasonable and competitively determined for users while also providing an optimal revenue stream for the intermediaries. To ensure this balance, it was considered useful to carry out a comprehensive review of the various charges levied in the payment systems by highlighting different dimensions and seeking stakeholder feedback," RBI said in its paper.

RBI did not specify whether it is in favour of or against levying charges on customers in its discussion paper. The regulator instead has asked a series of questions seeking public comments on charges in different payment systems.

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