RBI Governor Sanjay Malhotra says a small fee on UPI transactions will not have a major impact on transaction volumes. Speaking on the issue, he notes that regulators do not see any immediate drop in UPI volumes and adds that a limited fee is unlikely to significantly affect usage.
The statement aligns with information cited from NPCI, which says there is no impact on small-value UPI transactions up to ₹2,000. Outlets report that the expectation is that fees, if applied, are not severe enough to change consumer behaviour for everyday transactions.
While the outlets focus on different aspects—one emphasises the governor’s view on volumes and another references NPCI’s assessment for transactions under ₹2,000—the overall picture is consistent: current evidence suggests volumes remain steady, and RBI expects any fee measure to have limited effect.
