Rs 100-a-day fine for not reversing e-payments

Banks and digital wallets will now have to pay a stiff penalty of Rs 100 per day if failed transactions are not reversed within a day. This will apply to most digital payments including unified payments interface (UPI), immediate payment system (IMPS), e-wallets, Aadhaar-enabled payment, card-to-card and transactions through National Automated Clearing House (NACH).

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