UPI transactions free but banks put limits as norms clash

Even as transactions under the Unified Payments Interface race towards the billion-a-day goal, a potential conflict brews between norms that require UPI to be free and RBI rules that allow banks to limit the number of withdrawals in a savings account.

According to a report, this conflict can be overcome if the RBI takes over the costs of UPI payments just as it absorbs cost-of-currency transactions.