Governor Sanjay Malhotra of the Reserve Bank of India (RBI) reaffirmed on Wednesday (October 1) that the RBI has no plans to charge for transactions made using the Unified Payments Interface (UPI). Following the post-Monetary Policy Committee (MPC) meeting, the governor gave an explanation.

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.

Add Zee Business as a Preferred Source

According to data released earlier this morning by the National Payments Corporation of India (NPCI)

See Full Page