No proposal to levy costs on UPI transactions: RBI Governor Malhotra

Reserve Bank Governor Sanjay Malhotra on Wednesday (October 1, 2025) stated there isn’t any proposal to levy any cost on UPI transactions.

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The Governor additionally stated the central financial institution is inspecting a proposal to permit lenders to remotely lock cell phones purchased on credit score in case of default in EMI funds.

While responding to a query whether or not there’s a proposal to levy costs on UPI transactions, which have gone up considerably, Mr. Malhotra stated there was no proposal.

“Is there going to be charges on UPI? Well, there is no proposal before us,” he stated at a post-monetary coverage press convention.

On digital locking of telephones purchased on credit score, the Governor stated the matter was into account.

RBI Deputy Governor M. Rajeshwar Rao added that each execs and cons concerning the digital locking of telephones are being examined.

“The issue of digital locking is under examination as the Governor has pointed out. There are pros and cons on both sides in terms of balancing customer rights and requirements, data privacy, and creditors’ requirements. So, we are examining the issue, we will…take a view at a later point in time,” Mr. Rao stated.

During the press convention, Mr. Malhotra and different Deputy Governors replied to a number of queries, together with on charge reduce potentialities in forthcoming polices, and rupee depreciation.

On the speed reduce, the Governor stated inflation has dropped significantly, offering house for financial easing.

On the depreciating worth of the rupee towards the U.S. greenback, he stated the central financial institution doesn’t goal any degree or band, however solely tries to examine undue volatility.

Mr. Malhotra additionally exuded confidence that the very excessive GDP progress trajectory will proceed with value stability, and personal capital expenditure will decide up.

He stated the RBI raised the GDP progress projection to six.8% for the present fiscal from its earlier estimate of 6.5% due to good financial actions within the first half of 2025-26.