WIRE — Lok Sabha has passed a Bill to amend the Payment and Settlement Systems Act, 2007. With this, the government will have the authority to permit banks and other service providers to levy charges on payments through the unified payments interface (UPI) and other notified electronic payment modes. The amendment seeks to remove the existing legal provision that prevents banks and payment service providers from charging Merchant Discount Rate (MDR) on notified electronic payment modes. It is important to note that the passage of the bill does not automatically introduce charges on UPI transactions. 

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