Overview

• RBI Governor Sanjay Malhotra said at the post-MPC press conference that the central bank has not received any proposal to impose charges on UPI transactions.
• He reiterated that UPI has operating costs that must be borne by someone for long-term viability, even as it remains free for users under current policy.
• UPI processed a record 20 billion transactions in August 2025, and NPCI data show 19.63 billion in September with transaction value at ₹24.90 lakh crore.
• Paytm shares rose more than 2% intraday after the governor's clarification that no user charges are under consideration.
• The RBI kept the repo rate at 5.5% and raised its real GDP growth forecast to 6.8%, and it is examining whether lenders can remotely lock phones bought on credit in case of EMI defaults.