Reserve Bank India Governor Sanjay Malhotra during a press conference in Mumbai in Mahari 1. October 2025 | Photo Credit: RBI
Governor of Reserve Bank Sanjay Malhotra on Wednesday (October 1, 2025) said there was no proposal to collect any UPI transactions.
Meeting RBI MPC live
The governor also said that the central bank examines a proposal that would allow creditors remotely lock mobile phones purchased on a loan in case of EMI payments.
In the question of whether there is a proposal to collect UPI transactions that have increased significantly, Malhotra said there was no proposal.
“There will be fees on UPI? Well, there is no proposal ahead,” he said at a press conference on the ratio.
When digital locking phones purchased on a loan, the governor said the matter was considered.
The RBI Governor Representative M. Rajeshwar Rao added that they are exploring both the advantages and disadvantages of digital phone locking.
“The problem of digital locking is examined, as the governor emphasized. On both sides there are advantages and disadvantages in terms of balance of rights and customer requirements, privacy and creditors’ requirements.
During the press conference, Mr. Malhotra and other governors’ representatives answered a number of questions, including the possibility of reducing rates in the upcoming politicians and depreciation of rupees.
As for the reduction in rates, the governor said that inflation has declined significantly and provided space for money release.
Regarding the depreciation value of rupees against the US dollar, he said that the central bank does not focus on any level or band, but only trying to check inadequate volatility.
Mr Malhotra also radiated the confidence that the very high trajectory of GDP growth will continue with price stability and the expenses for private capitals will be picked up.
He said RBI increased GDP growth to 6.8% for current fiscal from an earlier estimate of 6.5% due to good economic activities in the first half of 2025-26.
Published – 1 October 2025 03:15 is
