Phones bought on credit to be locked on EMI default? RBI says...
&imwidth=600&imheight=450&format=webp&quality=medium "Phones bought on credit to be locked on EMI default? RBI says...")
RBI Governor Sanjay Malhotra Photograph: (ANI file)
RBI Governor Sanjay Malhotra said there were no proposals to impose charges on UPI payments. He also said UPI payments in India are growing exponentially.
Reserve Bank of India Governor Sanjay Malhotra, who announced India's Monetary Policy update, said on Wednesday that there is no proposal to impose any charge on UPI transactions. He said that the apex bank is examining a proposal to allow lenders to remotely lock mobile phones bought on credit if the buyer hasn't made their EMI payments.
Sanjay Malhotra said there were no proposals to impose charges on UPI payments. He also said UPI payments in India are growing exponentially.
"Is there going to be charges on UPI? Well, there is no proposal before us," he said at a post-monetary policy press conference.
He said the matter of the digital locking of phones bought on credit was being considered. RBI
Deputy Governor M Rajeshwar Rao said the RBI will take a view on the matter in the future.
"The issue of digital locking is under examination as the Governor has pointed out. There are pros and cons on both sides in terms of balancing customer rights and requirements, data privacy, and creditors' requirements. So, we are examining the issue, we will...take a view at a later point in time," Rao was quoted as saying by the news agency PTI.
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RBI Monetary Policy Update
Sanjay Malhotra said India's GDP growth trajectory will grow. The apex bank also raised the GDP growth projection for the financial year 2025-2026.
RBI's growth projection was 6.5 per cent. It revised it to 6.8 per cent.
"Taking all these factors into account, real GDP growth for this year is now projected at 6.8 per cent. This is a revision from our earlier forecast of 6.5%; now it is projected at 7%, Q3 at 6.4%, and Q4 at 6.2%. Real GDP growth for Q1 next year is projected at 6.4%. The risks are evenly balanced," he added.