DFS

The mandate of the Department of Financial Services covers the functioning of Banks, Financial Institutions, Insurance Companies and the National Pension System

[MyGovIndia @mygovindia]

Is UPI ending free payments?

Here is the quick truth - No.

We saw that forwarded post going around too. Let’s skip the panic and look at the facts.

#MyGovMythbusters
#UPI
#DigitalPayments

[Ministry of Finance @FinMinIndia]

✅ No Charges for UPI Users

✅ Vast Majority of the Transactions to Remain Free of Charge for Merchants as well

✅ Amendment to the Payment and Settlement Systems Act (PSS Act) an Enabling Provision to Ensure further proliferation of Financial Inclusion, UPI’s Long-Term Sustainability, Technological Advancement, and Resilience Against Emerging Risks

🔗 Read more at : https://t.co/p55kgTONq1

[PMO India @PMOIndia]

UPI to remain free for consumers, says Payments Council of India
https://t.co/oLcEdIDtn4

via NaMo App

[PCI - Payments Council of India @PCIUpdates]

There has been considerable discussion around UPI and merchant charges. Here are the facts behind the conversation what it means for consumers, merchants, and India's digital payment ecosystem.

1. Will I have to pay to use UPI?
No. UPI has always been free for consumers since its launch in 2016. Every Indian can continue making instant digital payments without paying any transaction charges.

2. Will small shopkeepers or kirana stores be charged for accepting UPI?
No. Small merchants are not required to pay any charges (MDR) to accept UPI payments. UPI was designed to make digital payments accessible for even the smallest businesses across India, and protecting small merchants remains central to the ecosystem's inclusive growth.

3. Why is there a discussion around UPI charges now?
UPI has evolved from a new payment platform into the world's largest real-time payment system. As the ecosystem continues to expand, discussions are taking place on how to sustainably support the infrastructure that enables billions of secure transactions every month, while continuing to ensure that consumers and small merchants remain protected.

4. Who built and continues to invest in UPI?
For nearly 10 years, banks, payment companies, fintechs, NPCI and RBI have collectively invested in technology, cybersecurity, fraud prevention, innovation and customer support to build one of the safest and most reliable payment systems in the world.
These investments continue every day to keep UPI secure, resilient and available 24×7.

5. If UPI is free, who bears the cost of operating it?
Operating a national payment infrastructure involves continuous investment in technology, fraud prevention, cybersecurity, compliance, customer support and innovation.
These costs are currently borne by ecosystem participants including banks and payment service providers who continue to invest so consumers can enjoy a safe, secure and seamless payment experience.

6. Would consumers have to pay if large merchants pay for payment acceptance?
No.
Merchant service charges, where applicable, are commercial arrangements between merchants and payment service providers. They do not mean that consumers pay to use digital payments.
Across the world, merchant service charges are a standard feature of digital payment ecosystems, while consumers continue to enjoy convenient and secure digital payment experiences.

7. Why is sustaining the UPI ecosystem important?
UPI has become critical national digital infrastructure used by hundreds of millions of Indians every day.
As transaction volumes continue to grow, sustained investment in security, resilience, innovation, fraud prevention and infrastructure will remain essential to ensure that UPI continues to serve consumers and businesses reliably for years to come.

@FinMinIndia @DFS_India @nsitharamanoffc

[Ministry of Textiles @TexMinIndia]

Every masterpiece begins with a single thread, woven with patience, passion, and generations of tradition.

This National Handloom Day, we celebrate the skilled artisans whose hands preserve India's rich weaving heritage and keep timeless craftsmanship alive for generations to come.

Let's honour every weave, every story, and every hand behind India's handloom legacy.

National Handloom Day!

#NationalHandloomDay #HandloomDay2026 #IndianHandloom #EveryThreadHasAStory #VocalForLocal #WeavesOfIndia #TextileHeritage #Craftsmanship #SustainableFashion #MinistryOfTextiles

[PIB Fact Check @PIBFactCheck]

An article by @MoneylifeIndia claims that under the Bankers' Books Evidence Bill, 2026, police can access bank records without a court order, leaving bank customers with no protection against wrongful disclosure of financial data and that there is no judicial assessment of the necessity of production of records.

#PIBFactCheck:

❌ These claims are #misleading.

✅ The Bill does not give any new power to the police. It provides that certified copies of bank records may be produced and accepted in place of the original records during an investigation or inquiry by the police under the Bharatiya Nagarik Suraksha Sanhita, 2023.

✅ It reinforces that the police cannot insist on the production of the original bank records during such investigation or inquiry, as certified copies are sufficient under the proposed law.

✅ The Bill provides that inspection of bank records or production of certified copies in judicial proceedings can be allowed by the bank only upon a lawful order of a court performing judicial functions.

✅ Further, the Bill allows the bank to oppose any direction for inspection of its records or production of certified copies. In such cases, the court must hear the bank before issuing any further direction.

🔴 Help stop Misinformation. Flag suspicious content related to the Central Government, flag it to @PIBFactCheck 👇

📲 [phone]
📩 [email protected]

[Ministry of Textiles @TexMinIndia]

Worlds Within Cloth: New Orders of Woven Making celebrates the evolving language of Indian textiles—where tradition inspires innovation and craftsmanship finds new expression.

Inaugurated by Smt. Neelam Shami Rao, Secretary (Textiles), in the presence of Smt. Amrit Raj, Development Commissioner (Handicrafts), and Dr. M. Beena, Development Commissioner (Handlooms), the exhibition at the National Crafts Museum & Hastkala Academy, New Delhi, showcases the creativity, skill, and vision shaping the future of woven art.

Step into a world where every textile reflects India's rich heritage while embracing contemporary design.

#WorldsWithinCloth #NewOrdersOfWovenMaking #Handloom #Handicrafts #TextileArt #IndianTextiles #Craftsmanship #WeavingTraditions #MuseumExhibition #NationalCraftsMuseum #HastkalaAcademy #MinistryOfTextiles #IndiaHandmade #TextileHeritage @handicraftsdc @dchandlooms01 @CraftsMuseum

[DFS @DFS_India]

UPI achieves 23.66 Bn transaction count in July’26! Thank you, India, for embracing digital payments and driving this revolution forward. Let’s continue the journey of transforming the way we transact!

[PMO India @PMOIndia]

India’s UPI Transaction Volume Hits All-Time High Of 23.66 Billion In July
https://t.co/i23XcLiPNQ

via NaMo App

[PMO India @PMOIndia]

India achieves near-universal banking coverage, says Ministry of Finance
https://t.co/4u66TGLtxw

via NaMo App

[Nirmala Sitharaman Office @nsitharamanoffc]

India's digital payments ecosystem continues to scale new heights.

With a record ₹29.9 lakh crore in transaction value and 23.66 billion UPI transactions in July, India has once again reaffirmed its global leadership in digital payments.

https://t.co/GZ7DQkS4Ft

via NaMo App

[DFS @DFS_India]

A major milestone in cross-border payments!

India–Maldives digital payments partnership reaches a new milestone.

The integration of Maldives' #Favara with India's #UPI enables secure, real-time cross-border remittances from the Maldives to India in MVR, with instant credit in INR.

A significant step towards deeper digital financial connectivity and stronger bilateral economic cooperation.

Read more: https://t.co/5FQApneMAb

@RBI @NPCI_NPCI

[DFS @DFS_India]

Securing India’s seas & bolstering self-reliance!

✅ Department of Financial Services (DFS), launched India’s first sovereign-backed Protection & Indemnity (P&I) insurance product under the Bharat Maritime Insurance Pool (BMIP).

✅ The initiative, designed by New India Assurance Company Limited, was announced at an event chaired by the DFS Secretary.

✅ It strengthens India’s maritime risk framework, enhances domestic underwriting capacity, and advances #AtmanirbharBharat by reducing dependence on foreign insurers

Key highlights of BMIP:
• Indemnity limit up to USD 1.5B
• providing financial protection against third party liabilities including Crew & Cargo liability, pollution liability, wreck removal, 24x7 global port correspondent network.

Read more: https://t.co/dTbpcoggVU

@NewIndAssurance

[Punjab National Bank @pnbindia]

Reaffirming its commitment to the society, Punjab National Bank contributed Rs. 1.20 crore towards relief efforts in the flood-affected areas of Assam.

The cheque was presented to Hon’ble Chief Minister of Assam, Dr. Himanta Biswa Sarma by Sh. Bijender Singh, Zonal Manager, Guwahati in the presence of other senior officials.

The Bank remains committed to standing with the people of Assam during times of need and supporting the state’s recovery efforts.

@DFS_India @CMOfficeAssam

#PunjabNationalBank #Assam #FloodRelief #CSR
#SocialResponsibility

[Nirmala Sitharaman Office @nsitharamanoffc]

Smt @nsitharaman receives a dividend cheque of ₹ 211 crore for FY 2025-26 from Ms Girija Subramanian, Chairman-cum-Managing Director - The New India Assurance Co. Ltd (@NewIndAssurance).

[Nirmala Sitharaman Office @nsitharamanoffc]

Smt @nsitharaman receives a dividend cheque of ₹12,207 crore for FY 2025-26 from Shri R Doraiswamy, MD & CEO - Life Insurance Corporation of India (@LICIndiaForever).

[Nirmala Sitharaman Office @nsitharamanoffc]

Public Sector Banks (PSBs) witnessed a significant improvement in asset quality during FY 2025–26, with Gross Non-Performing Assets (GNPA) declining to a record low of 1.9% and combined net profit reaching an all-time high of ₹1.98 lakh crore.

https://t.co/4hwsiNUSrC

Shared via NaMo App

[Nirmala Sitharaman Office @nsitharamanoffc]

Smt @nsitharaman receives a dividend cheque of ₹ 2,853 crore for FY 2025-26 from Shri Asheesh Pandey, MD & CEO - Union Bank of India (@UnionBankTweets).

[DFS @DFS_India]

Regional Rural Banks (RRBs) recorded their highest-ever consolidated Net Profit of ₹10,177 crore in FY 2025–26, alongside sustained improvement in key financial parameters.

Government Strengthens RRBs through Regular Performance Reviews, Technology Upgradation and Financial Inclusion Initiatives.

Government Periodically Monitors Regional Rural Banks Progress Under PMJDY, PMMY, PMSBY, PMJJBY and Atal Pension Yojana to Deepen Financial Inclusion.

Read more: https://t.co/hyZnYPCWTy

[DFS @DFS_India]

Public Sector Banks (PSBs) recorded an all-time high net profit of ₹1.98 lakh crore in FY 2025–26.

Gross Non-Performing Assets (GNPAs) of PSBs at historic low of 1.9% in FY 2025–26.

PSBs’ total business reached ₹283.3 lakh crore in FY 2025–26.

Read more: https://t.co/KxMHhhOWox