Kotak Mahindra Bank to charge for UPI after 30 free transactions per month

[raj2007]

Source

 

[Sushubh]

less popular banks have charged for upi since the very beginning. it's likely that kotak has decided to become the first popular ones to do it.

 

[amish]

Got an email from Kotak bank stating that after 1st May 2019, first 30 UPI transaction will be free

And after that transaction < 1000Rs will be charged 2.5Rs+taxes
And transaction above > 1000Rs will be charged 5Rs+taxes

Digital india ki jai ho.

PS: I have never used UPI.

 

[genie]

Does not apply to merchant and bill payments

.

 

[Sushubh]

but it does include ifsc based transfers. so there's that. this is just a stupid thing to do.

 

[genie]

It costs the bank for every transaction so if they have to do very large number of transactions for free they will start incurring too much loss.

 

[Sushubh]

it's likely the manpower used in processing one cheque would cost the bank more than the same transaction done through upi/imps.

 

[dextermorgan]

welp. That was a good run. bye kotak mahindra.

force adhaar on people, create force UPI on people and then create a new source of revenue for banks. great.

 

[Sushubh]

UPI Is No Longer Free – Upto Rs 5 Per UPI Transaction Will Be Charged From You

Rao also said that the bank is still encouraging people to opt for UPI payments. Apparently, most of Kotak’s customers carry out only 5-10 transactions through UPI. He also said, “This is intended to prevent abuse of the UPI system and will not impact genuine customers. Receiving money through UPI as well as all merchant transactions continue to be free.”

Abuse of the UPI system. Cute.

 

[Sushubh]

i remember reading about smaller banks (cooperative banks? or regional banks?) charging for upi since the very beginning. someone knows of anyone in particular?