For the first time in India, the United Payments Interface (UPI) transaction has crossed 1.5 billion. In the month of August the UPI transaction has crossed 1.56 billion. This is the all-time high.
The value transacted via UPI meanwhile stood at Rs 2.85 lakh crore, only marginally lower than July when the number of transactions stood at 1.49 billion and the value transacted stood at Rs 2.90 lakh crore. The cash withdrawals from ATMs and micro-ATMs stood at Rs 1.36 lakh crore, less than even half of the amounts transacted through UPI.
Certain private sector banks like HDFC Bank, ICICI Bank, Kotak Mahindra Bank and Axis Bank had begun to charge fees beyond a certain number of transactions per month.
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