Overview

• Governor Sanjay Malhotra said at the post‑MPC press conference that there is no proposal before the RBI to levy charges on UPI transactions.
• UPI volumes remain elevated, with about 20.1 billion transactions in August and 19.63 billion in September, reflecting roughly 31–34% year‑on‑year growth.
• The RBI is examining a proposal to allow lenders to remotely lock mobile phones bought on credit in case of EMI default, with data privacy and customer rights under review.
• The MPC kept the repo rate at 5.5% and lifted the FY26 GDP growth projection to 6.8% as the inflation outlook eased.
• Markets responded to the UPI clarification, with Paytm shares rising intraday, even as the governor reiterated that the system’s costs must ultimately be covered.