RBI Governor Sanjay Malhotra: No Charges for UPI Transactions, Exploring Digital Phone Locks

RBI Governor Sanjay Malhotra confirmed no current plans to charge for UPI transactions while considering the potential for digital phone locks for credit-purchased devices. Malhotra addressed these issues along with inflation and rupee concerns at a press conference, projecting continued GDP growth and economic stability.

In a recent press conference, Reserve Bank Governor Sanjay Malhotra announced there are no plans to introduce charges on UPI transactions, despite their increasing volume. He stated unequivocally that no proposal is under consideration regarding such charges.

Another pressing issue discussed was the potential implementation of remote digital locking for mobile phones purchased on credit. Malhotra assured that the central bank is carefully examining the matter, considering the balance between customer rights and creditors' needs. RBI Deputy Governor M Rajeshwar Rao reiterated that both benefits and drawbacks of digital locking are being looked into before making a decision.

During the conference, Malhotra also discussed monetary policies, highlighting a significant drop in inflation, which might allow for upcoming rate cuts. He noted the RBI's focus on controlling rupee volatility without targeting specific levels. Malhotra expressed optimism about continuing GDP growth, raising the forecast from 6.5% to 6.8% given robust economic performance in early 2025-26.

(With inputs from agencies.)