FinTech
No Proposal To Make UPI Payments Chargeable: RBI Governor
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SUMMARY
In July, Governor Malhotra had flagged sustainability concerns related to free UPI, saying that “someone” would have to pay the costs associated with these payments
While the finance ministry has been averse to the idea of imposing an MDR, fintechs have been flagging concerns related to rising cost of facilitating high value UPI transactions
In September, UPI transactions declined 2.5% MoM to 19.6 Bn while transaction value remained almost flat at INR 24.9 Lakh Cr
Reserve Bank of India (RBI) governor Sanjay…
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