New Delhi: Reserve Bank of India (RBI) Governor Sanjay Malhotra on Wednesday reiterated that the central bank has no proposal to impose a fee on transactions done through Unified Payments Interface (UPI).

The governor's clarification came during his address after the post-Monetary Policy Committee (MPC) meeting.

Malhotra stated that he had never said UPI could stay free forever, but he noted that someone needs to bear the costs associated with its functioning.

"What I said was there are costs associated with UPI transactions, and the same need to be paid for by someone," the governor said.

The governor had clarified the same during the previous post-policy conferences.

Earlier in the morning, National Payments Corporation of India (NPCI) data showed that the UPI saw 31 per cent trans

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