New Delhi: Reserve Bank of India (RBI) Governor Sanjay Malhotra on Wednesday dismissed concerns about potential fees on Unified Payments Interface (UPI) transactions, assuring citizens that there is no such proposal under consideration. His statement comes amid widespread speculation over possible charges on the widely used digital payment system.
Governor Malhotra emphasized confidence in the country’s economic prospects, pointing out that India remains on a “very high growth trajectory” while maintaining a balance with price stability. According to the RBI’s forecast, India is set to grow at 6.8% in the current fiscal year, making it one of the fastest-growing major economies globally.
At the same time, Malhotra acknowledged that while the growth outlook is strong, it still falls short of the nation’s “aspiration” of nearly 8%.
During the announcement of the fourth bi-monthly monetary policy review, the RBI chief also unveiled a proposal to provide banks with a framework to finance acquisitions by Indian corporates. This move aims to expand the role of banks in capital market lending and support corporate expansion.
