A major concern of UPI users went away on 1 October. The RBI said that there is no proposal to charge the UPI transactions. RBI Governor Sanjay Malhotra spoke about this while introducing the monetary policy. He said that UPI will remain free for users. UPI users were worried about the discussion on the transactions.
Transactions from UPI continuously increasing
It has become clear from this explanation of RBI Governor Sanjay Malhotra that the government wants to maintain UPI zero-cost platform. The government wants to encourage people to use UPI. This explanation of RBI Governor has come at a time when UPI transactions are constantly making new records. With this, India has become the largest market for real time payment in the world.
RBI Governor’s statement boom in Paytm shares
The impact of RBI Governor’s explanation on UPI was seen on the shares of Paytm (One97 Communications). Paytm shares jumped up to 2 per cent. At 2:45 pm, the company’s stock was running at Rs 1,147.20 with a rise of 2.07 per cent. In the last one year, Paytm’s stock has risen 56.81 percent. Paytm introduced an IPO in November 2021. The company allotted stocks to investors with rates of Rs 2150. However, the stocks fell to Rs 1,564 on the day of listing. In February last year, the company’s stock fell to Rs 341.
UPI users were worried about the charge of charge
UPI is being used today for payment of 5 rupees to thousands of rupees. Experts say that the biggest reason for this is that it is service free. However, the RBI Governor had earlier said about the UPI transactions that the cost comes on it. Someone repays this cost. He also said that UPI cannot remain free forever. From this it was believed that in the coming days, charge may have to be paid for the use of this service. However, on 1 October, RBI Governor Sanjay Malhotra made it clear that any change is not going to happen in this regard.
Finance Ministry also gave clarification
Earlier this year, information was also given in Parliament by the Finance Ministry. The ministry had clarified that there is no plan to charge a charge on UPI transactions. The ministry had tried to overcome the possibility of the people of charging the UPI transactions. Today, crores of people are using UPI for the payment of small and big Kharadari every day. Now even in six countries of the world, payment facility from UPI has started.