RBI Deputy Governor Says UPI Merchant Fee on High-Value Payments Will Not Trigger a Cash Surge
Reserve Bank of India Deputy Governor Shirish Chandra Murmu has said the introduction of a merchant discount rate on UPI payments above Rs 2,000 from October 15 should not be assumed to push consumers back toward cash. He argued that India’s payments landscape shows a more complex pattern, with digital transactions expanding even as cash in circulation also rises.
