Reserve Bank of India (RBI) Governor Sanjay Malhotra on Wednesday reiterated that the central bank has no proposal under consideration to impose any charges on Unified Payments Interface (UPI) transactions.

UPI has become a cornerstone of India’s digital economy, driving financial inclusion and transforming the way payments are made.

“There is no proposal to levy any charge on UPI transactions," the RBI governor clarified, putting to rest market speculation around possible fees (or MDR) on the popular payment system.

UPI, launched in 2016, has witnessed exponential growth, crossing over 12 billion transactions in August 2025 alone, according to NPCI data. The platform has become the backbone of India’s retail digital payments, widely used for peer-to-peer transfers, merchant payments, a

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