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The National Payments Corporation of India (NPCI) has issued a directive to all banks that issue RuPay credit cards, requiring them to ensure that the rewards points, benefits, and features offered for RuPay credit cards on UPI transactions are not lower than those provided for regular card transactions. This new rule will take effect on September 1, 2024.
The NPCI’s decision comes after it was noticed that the rewards and benefits for RuPay credit cards used on UPI were not always equal to those given for traditional card transactions.
In a circular dated August 5, 2024, the NPCI stated, "Issuers must ensure that the rewards points, benefits, features, and other offers for RuPay Credit Cards on UPI transactions are not lower, either directly or indirectly, except in cases where the issuer does not earn any interchange fee. Banks are expected to comply with this directive by September 1, 2024."
Exemptions
The rule does not apply to transactions where the issuer does not earn any interchange fee.
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Which Banks Offer Rupay Credit Cards To UPI?
Currently, 16 banks are live with the option to link RuPay Credit Cards to UPI, including Punjab National Bank, Union Bank, HDFC Bank, SBI Cards, ICICI Bank, and others.
What Is The Transaction Limit?
There is no restriction on the number of RuPay credit cards that can be linked to UPI, and there is no limit on the number of transactions that can be made using linked credit cards on UPI.
Along with it, there are several changes related to personal finance coming in the next month i.e. September 2024.
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