‘Someone Has To Pay’ RBI Chief Clarifies ‘UPI Will Not Be Free Forever’ Remark; Internet Suggests Bank Should Bear It

Sanjay Malhotra, the Reserve Bank of India (RBI) governor, refuted a remark floating in the media and social media regarding Unified Payment Interface (UPI). He stated,

“I never said that UPI cannot remain free forever. It is not free even now; someone is paying for it.”

While addressing the post-Monetary Policy Committee (MPC) press conference, the RBI governor quipped,

“It is not free even now; someone is paying for it. The government is subsidising it but somewhere the costs are being paid.”

He also stated, “Who pays is important but not so important than someone footing the bill.” “It is important for us and for the sustainability that, whether collectively or individually, someone pays for it,” he added.

The RBI governor’s comments come in the wake of reports of some private banks charging users for UPI transactions.

Reactions poured in with users taking a jibe at UPI, some dubbing it an absolute mess. One user remarked, “Then we will go back to the pre-demonetization era.” Another user quipped, “Aadmi ko ganne ki tarah nichodti hai ye government.” Yet another suggested, “Ideally banks should bear them … as UPI has stopped people from drawing money from ATMs. Thus atm maintenance is low in cost now.”

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