RBI Governor Sanjay Malhotra confirmed there will be no charges on UPI transactions, amid rising digital payments. The central bank is also examining a proposal allowing lenders to remotely lock mobile phones bought on credit in case of EMI default
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Soon after announcing the unchanged repo rate, the Reserve Bank Governor Sanjay Malhotra also highlighted the zero additional charges on UPI transactions. The RBI governor said that there is no proposal to levy any charge on UPI transactions.
As reported by news agency PTI, the governor also said the central bank is examining a proposal to allow lenders to remotely lock mobile phones bought on credit in case of default in EMI payments.
While responding to a question on whether there is a proposal to levy charges on UPI transactions, which have gone up significantly?
The Reserve Bank of India Deputy Governor said that there was no proposal to levy any kind of charges on UPI transactions.
While speaking at the press conference post-monetary policy meeting, he said, "Is there going to be charges on UPI? "Well, there is no proposal before us," as cited by news agency PTI.
On digital locking of phones bought on credit, the Deputy Governor said the matter was under consideration.
RBI Deputy Governor M. Rajeshwar Rao added that both pros and cons regarding the digital locking of phones are being examined.
Highlighting the future prospects of India’s economy and tax structure, the deputy governor said that "the issue of digital locking is under examination, as the governor has pointed out. There are pros and cons on both sides in terms of balancing customer rights and requirements, data privacy, and creditors' requirements. So, we are examining the issue; we will...take a view at a later point in time," as per PTI.
During the press conference, Malhotra and other deputy governors replied to a host of queries, including on rate cut possibilities in forthcoming policies and rupee depreciation.
On the rate cut, the governor highlighted that the inflation has dropped considerably, providing space for monetary easing.
On the depreciating value of the rupee against the US dollar, the RBI governor asserted that the central bank does not target any level or band but only tries to check undue volatility.
Malhotra also exuded confidence that the very high GDP growth trajectory will continue with price stability, and private capital expenditure will pick up.
The RBI Governor further emphasised that the RBI raised the GDP growth projection to 6.8 per cent for the current fiscal year from its earlier estimate of 6.5 per cent because of good economic activities in the first half of 2025-26.
(With inputs from PTI)
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