Chairman of the Chamber of Trade and Industry (CTI) Brijesh Goyal said that the trader’s body has written a letter to Union Finance Minister Nirmala Sitharaman and the Reserve Bank of India against levying charges on digital payments.
He opposed the idea of imposing charges on digital payments as doing so will affect transactions and people will be forced to stand in line at ATMs and banks again. The CTI has demanded that the government can reduce the cost of printing currency if it does not levy charges on digital payments and pays the banks fees as subsidies.
CTI General Secretary Vishnu Bhargava said that traders have also accepted UPI and digital mode and lakhs of transactions take place every day. He said many traders are worried and levying charges would mean that they have to return to the old cash mode of transactions again.
According to the data by the National Payments Corporation of India (NPCI), 338 banks are working on the UPI system. About 50 percent of transactions are happening through UPI with an amount less than Rs 200. The CTI has been pleading for two years that the charges on digital transactions should be completely abolished. At present, there is a charge of 1 percent on debit cards and 1 to 2 percent on credit cards.
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