SBI Collected UPI Transaction Charges from BSBDA Accounts Using Board Approval on Service Charges?
While the Union government and Reserve Bank of India (RBI) insist that unified payment interface (UPI) transactions are free, the State Bank of India (SBI) had collected Rs17.70 for every UPI transaction or Rs254 crore from basic savings bank deposit account (BSBDA) holders between April 2017 and September 2020. Like other public sector banks (PSBs), SBI was also levying charges, indirectly taking advantage of approval by its board of directors on service charges beyond a certain number of free debit transactions.