Governor Sanjay Malhotra 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; rules out any charge on UPI transactions

Mumbai: Reserve Bank Governor Sanjay Malhotra on Wednesday said there is no proposal to levy any charge on UPI transactions. 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 whether there is a proposal to levy charges on UPI transactions, which have gone up significantly, Malhotra said there was no proposal. “Is there going to be charges on UPI? Well, there is no proposal before us,” he said at a post-monetary policy press confer

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