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Informist, Wednesday, Oct. 1, 2025

 

--RBI Malhotra: No plan to levy any fee on UPI transactions 

 

MUMBAI – The central bank has no plan to impose a fee on transactions carried out on the Unified Payments Interface, Reserve Bank of India Governor Sanjay Malhotra said at the post-policy press conference. In August, Minister of State for Finance Pankaj Chaudhary had also said there was no proposal before the central government to impose charges on transactions done through the Unified Payments Interface.

 

In July, Malhotra had said the payments interface is sustainable only so long as someone bears the cost. Currently, the government bears the cost. "Cost of any service should be paid collectively, or by the user," Malhotra had said. However, in August, the governor denied his statement.

 

The number of Unified Payments Interface transactions surged to a record high of 20.01 billion in August, marking a 34% year-on-year rise, data from the National Payments Corp. of India showed.   End

 

Reported by Cassandra Carvalho

Edited by Rajeev Pai

 

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