No Proposal to Levy Charges on UPI Transactions: RBI Governor Malhotra

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

The Governor said the central bank is examining a proposal to allow lenders to remotely lock mobile phones bought on credit in case of default in EMI payments

RBI Governor Says No Proposal To Levy Charges On UPI Transactions

Reserve Bank Governor Sanjay Malhotra on Wednesday said there is no proposal to levy any charge on UPI transactions.

RBI Governor Clarifies: No UPI Charges, EMI Phone Locking Under Review

RBI Governor Clarifies: No UPI Charges, EMI Phone Locking Under Review On Wednesday, the Governor of the Reserve Bank of India (RBI), Sanjay Malhotra, asserted that there is no proposal regarding imposing any charge on UPI transactions. The governor is currently analysing a proposal on whether to allow lenders to remotely lock mobile phones bought […]

The Truth About UPI Costs: RBI Governor Breaks the Confusion

There has been a big confusion, for a very long time now, that paying via UPI (like PhonePe, Google Pay, Paytm, etc.) is free. The UPI has become increasingly popular, with most of India adopting a cashless approach. According to the PIB website, in June 2025, UPI handled over ₹24.03 lakh crore in payments. Such a massive user base is. So far, the payments on UPI are free. But what about the future? So, the RBI Governor Sanjay Malhotra clarified…

Can Banks Lock Mobile Phones For EMI Default? RBI Looking Into Proposal

New Delhi: The Reserve Bank of India (RBI) is considering a proposal that will empower banks and non-banking financial institutions to remotely lock mobile phones that were purchased on EMIs if the borrower defaults. “Such a proposal is currently under discussion, and we are getting views both for and against such a move,” RBI governor Sanjay Malhotra said during a post monetary-policy press conference on Wednesday. “We are taking those views on…

RBI Evaluating Platform To Lock Phones After Loan Defaults

The Reserve Bank of India (RBI) is evaluating a platform that would allow lenders to remotely lock mobile phones bought via credit in the event of borrower defaults.  “We are assessing the potential benefits and risks linked to this platform. The RBI is particularly focussed on balancing consumer data privacy and upholding borrower rights, while also addressing the needs of creditors seeking to recover loans,” RBI governor Sanjay Malhotra said w…