On Wednesday, Rbi Sanjay Malhotra confirmed UPI freedom transactions for users.
Speaking at the press conference after the policy, Malhotra said that the Indian Reserve Bank has no proposal to impose fees on UPI payments, while maintaining the old government’s position of maintaining digital payments within the reach of all.
“There is no change. UPI remains free under the current policy,” Malhotra explained, responding to the questions about the previous comments indicating that the UPI yellow model may not be sustainable in the long run.
Its confirmation comes as UPI continues to break the records, which enhances the global forefront of India in digital payments in actual time. The platform has witnessed tremendous growth across urban and rural sectors, with the support of zero transactions and the widespread smartphones.
The statement sparked an immediate response in the market, where the Bite M (97 calls) rises more than 2 % during the day, and reached $ 1,147 in NSE after the ruler’s statements.
Although Malhotra had previously acknowledged that UPI transactions “come with costs that someone must bear,” his latest statements confirm that there are no fees facing a user on the table at the present time.
Under the current RBI instructions and the law of payment and settlement systems, both users and merchants are protected from drawings on UPI transactions. The goal, as Malhotra repeated, is to continue the leadership of adopting and supporting the digital payment infrastructure in India without weighing consumers.
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