Business
No Proposal To Levy Charges On UPI Transactions: RBI Governor
New Delhi: Reserve Bank of India (RBI) Governor Sanjay Malhotra on Wednesday reiterated that the central bank has no proposal to impose a fee on transactions done through Unified Payments Interface (UPI).
The governor’s clarification came during his address after the post-Monetary Policy Committee (MPC) meeting.
Malhotra stated that he had never said UPI could stay free forever, but he noted that someone needs to bear the costs associated with its functioning.
“What I said was there are costs associated with UPI transactions, and the same need to be paid for by someone,” the governor said.
The governor had clarified the same during the previous post-policy conferences.
Earlier in the morning, National Payments Corporation of India (NPCI) data showed that the UPI saw 31 per cent transaction count growth (year-on-year) at 19.63 billion in September.
The transaction amount also rose 21 per cent to Rs 24.90 lakh crore.
Month-wise too, UPI witnessed a growth in transaction amount, from Rs 24.85 lakh crore in August.
Average daily transaction amount in September stood at Rs 82,991 crore, a rise from Rs 80,177 crore in August, the NPCI data showed.
According to data, the UPI recorded 654 million average daily transaction counts in the month, up from 645 million in August.
In August, the UPI transactions had crossed 20 billion for the first time in its history. UPI had earlier achieved a record of crossing 700 million transactions in a single day on August 2.
Meanwhile, the RBI’s monetary policy committee (MPC) has decided to keep the repo rate unchanged at 5.5 per cent, and stick to the “neutral” policy stance.
A neutral stance finds a delicate balance between containing inflation without impairing growth, so it doesn’t call for either stimulation or liquidity restrictions.
The RBI Governor stated that the sharp drop in food prices and the reductions in the GST rate had made the inflation outlook even more benign. As a result, the RBI has changed its average inflation rate forecast from 3.1 per cent in August to 2.6 per cent for 2025–2026.
At a meeting of the local authority’s executive on Tuesday, MacBeath said the scheme aimed to move beyond emergency aid by helping families become more financially “resilient”, offering advice on managing money, accessing benefits, reducing debt and finding work.
People with lower incomes benefitted less from the house-buying scheme than those with high incomes, the influential think tank says.
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Lucid electric vehicles are seen at the New York International Auto Show on April 2, 2026.
Danielle DeVries | CNBC
Lucid Group has named the former chairman and CEO of Schindler Group, an industrial manufacturer of escalators and elevators, as its new chief executive.
Silvio Napoli, who spent nearly 31 years at Schindler, is set to become the all-electric vehicle maker’s second CEO following the abrupt departure of Lucid founder Peter Rawlinson in February 2025.
Interim CEO Marc Winterhoff will remain with the company as its chief operating officer once Napoli takes the reins, according to Lucid. A company spokesman said Napoli is expected to begin as CEO in the coming weeks, pending completion of his relocation from Switzerland and U.S. visa process.
Shares of Lucid fell roughly 5% in midday trading, as the company also announced expanded investments Tuesday of $750 million from an affiliate of Saudi Arabia’s Public Investment Fund — its largest shareholder — and Uber Technologies.
The latter is an expansion of a previously announced tie-up with Uber that includes the ride-hailing company investing another $200 million in Lucid. Uber has also agreed to purchase at least 35,000 Lucid vehicles designed exclusively for use as part of Uber’s future global robotaxi service. That’s up from $300 million and 20,00 vehicles announced in July.
The PIF-backed investment is $550 million, according to Lucid.
Napoli, who also serves on the board of American-Irish multinational power management company Eaton Corp., has not previously led an auto company before, while Rawlinson and Winterhoff are automotive veterans.
The company said Napoli’s “deep operational expertise, financial discipline and track record of leadership in innovation” would position Lucid for its future growth plans, including upcoming midsize EVs and new autonomy initiatives.
“His expertise in capital allocation, operational efficiency and translating advanced technology into consistent high-quality performance over time will be critical as Lucid continues to scale and execute its strategy,” Lucid Chairman Turqi Alnowaiser said in a statement.
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