Reserve Bank of India Governor Sanjay Malhotra clear all speculations related to UPI payments. In recent time, some people on social media platforms were claimed that RBI could impose extra charges over UPI payments.
Extra charges on UPI payments?
RBI Governor Malhotra said that he never said that UPI will always be free, but he had said that someone will need to bear the expenses associated with the functioning of UPI.
The RBI Governor said, “I had said that there are some costs associated with UPI transactions and someone will have to bear them.” He had also given clarifications regarding UPI transactions after previous policy meetings.
UPI transaction has increased significantly
According to the latest data from the National Payments Corporation of India (NPCI), the number of UPI transactions increased to 19.63 billion in the month of September, registering a growth of 31 percent on an annual basis. Transaction volumes rose 21% year-over-year to ₹24.90 lakh crore in September. Transaction volumes also increased on a monthly basis, from ₹24.85 lakh crore in August.
According to NPCI data, the average daily transaction count has reached 654 million and the average daily transaction amount has reached ₹82,991 crore. Previously, in August, the average daily transaction count was 645 million and the average daily transaction amount was ₹80,177 crore.
In August, UPI transactions surpassed 20 billion for the first time. Previously, on August 2nd, UPI had set a record of 700 million transactions in a single day.
RBI’s latest decision in brief
After the monetary policy press conference on Wednesday, RBI Governor Sanjay Malhotra confirmed that there is no proposal to impose any charges on UPI transactions. He explained that both the government and the RBI aim to make digital payments accessible to the maximum number of people, and for this, it is important to keep UPI available without any charges.