RBI Governor Malhotra Says Premature to Confirm UPI Transaction Charges
In a press conference, RBI Governor Sanjay Malhotra stated it is premature to confirm any charges on Unified Payments Interface (UPI) transactions. The government has proposed a Merchant Discount Rate (MDR) of 0.3%-0.5% for large merchants only on UPI transactions above Rs 2,000. This comes as the current subsidy model struggles to keep pace with transaction growth. Let's wait and watch for further developments, said Malhotra.
15 AUG 2026
— The Hindu
Cash usage in India grew from 4% to 12% between 2023-24 and 2025-26, outpacing the 18.7% growth in UPI transaction values in 2026-27.
19 AUG 2026
— NDTV
Finance Minister Nirmala Sitharaman affirmed that UPI will remain free for consumers, while Santanu Paul, former NPCI chief, advocates for continued free access for ordinary citizens and small businesses.
26 AUG 2026
— NDTV
Since its launch in 2016, UPI has rapidly transformed India into a digital payments leader, facilitating over 55 crore user transactions daily.
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