SBI to Introduce P2P Payments:- Unified Payment Interface (UPI) has been introduced couple of years back and now banks are in plans to start charging for the peer to peer payments on this platform. India’s largest bank State Bank of India (SBI) stepped out with the charges from June 1st and HDFC Bank is all set to follow SBI as it will start charging from July 10th this year. The rate structure by HDFC Bank is yet to be out informed sources. National Payments Corporation of India's chief operating officer Dilip Asbe said that no bank has been charging for Person to Person (P2P) transactions for UPI and IMPS till date.
Dilip even revealed that there may be a review on this though SBI introduced and soon a meeting will be held with the officials in the next month to assess the situations and the transactions. With over one crore transactions, an amount of Rs 2900 crores per month is being done. It is not clear if the P2P transactions on the BHIM App launched by Prime Minister Narendra Modi, will also be chargeable. SBI is charging Rs 5 per transaction of up to Rs 1 lakh, Rs 15 for transactions between Rs 1-2 lakh and Rs 25 for those between Rs 2 lakh and Rs 5 lakh.