RuPay Credit Cardholders: Attention! New RuPay UPI Rules from September 1 – All the Details (Image Source: iStock)
The National Payments Corporation of India (NPCI) has issued a directive to all banks issuing RuPay credit cards, requiring them to ensure that the reward points, benefits and features offered for RuPay credit cards on UPI transactions are not inferior to those offered for regular card transactions. This new rule will come into effect from September 1, 2024.
NPCI’s decision comes after it was observed that rewards and benefits of RuPay credit cards used on UPI were not always at par with those given for traditional card transactions.
In a circular dated August 5, 2024, the NPCI stated, “Issuers shall ensure that reward points, benefits, features and other offers of RuPay credit cards on UPI transactions are not inferior, 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.
Which banks offer Rupay credit cards on UPI?
Currently, 16 banks offer 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 credit cards linked on UPI.
Along with this, there are several changes related to personal finance that will be coming next month i.e. September 2024.
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