2019
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Yes Bank
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Axis Bank
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ICICI Bank
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Kotak Mahindra Bank
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Detailed explanation-1: -Kotak Mahindra Bank Becomes the First Lender To impose charges on UPI transactions, namely, Paytm, Google Pay, PhonePe.
Detailed explanation-2: -Unified Payments Interface (UPI) is an instant real-time payment system developed by National Payments Corporation of India (NPCI). The interface facilitates inter-bank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. It is used on mobile devices to instantly transfer funds between two bank accounts.
Detailed explanation-3: -Cost to the market and the Government subsidies According to RBI’s Discussion Paper, the collective cost borne by all stakeholders for a Peer to Merchant (P2M) UPI transaction ticket-valued at Rs 800 is roughly Rs. 2 i.e., 0.25% of transaction value.