RBI Governor Addresses UPI Transaction Charges Debate
The Reserve Bank of India Governor stated that costs associated with UPI transactions must be borne by someone, in response to proposals for charges on transactions above a certain amount.
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‘Someone has to pay’: RBI governor on MDR proposal for UPI transactions above Rs 2k
According to official estimates, the Rs 2,000 threshold would cover only around 5% of all UPI transactions, although these account for nearly 65% of the total value processed on the platform. As a result, routine purchases such as milk, vegetables, groceries, or payments for auto-rickshaws and taxis are unlikely to be affected. UPI processed 23.7 billion transactions worth Rs 29.9 lakh crore in July.
By TOI BUSINESS DESK
Read full article →Charges On UPI Transactions? RBI Governor Says 'Costs Have To Be Paid By Someone'
Finance Minister Nirmala Sitharaman has tabled changes to the Payment and Settlement Systems Act in Parliament, which opens the door for UPI MDR.
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