UPI has a costs, someone has to wear it, says RBI GUV in Post MPC press

Few banks charge payment aggregators a fee for UPI transactions. What is the display of the regulator on it?

Governor: There are costs [linked to running UPI] And these costs must be paid by someone. Who pays is important, but not so important than someone who pays the bill. It is important for us for sustainability that it now pays a collective or individual person. I never said that it cannot remain free forever. My feeling is that it is not free even now. Someone pays for it, the government subsidizes it. But somewhere the costs are paid. The question is really who pays for it. I never said that users have to pay. I said that government policy helped in expanding the use of UPI.

How many of the tariff effects were taken into account when considering the growth of the full year of GDP?

About the growth you are well aware that we have already reduced our GDP growth food from 6.7 percent to 6.5 percent. Some of the global uncertainties have already been incorporated into the revised growth spelling. However, there is still a lot of uncertainty and it is very difficult to predict what the impact will be (of rates). In the future, we will maintain close data and accept a call. From now on we do not have enough data to revise our GDP prediction.

Are you worried about the increase in inflation due to global volatility?

In India we are less dependent on the foreign factors when it comes to inflation. The other is that if there is an impact at all, there is also an impact on the growth and demand side. That in itself has a reverse impact. We worked this out a few months ago in our MPC statement. From now on we see no major impact (on inflation) unless there are retaliation rates that I really do not foresee.

Vice -Gouverneur Poonam Gupta: Our inflation basket, almost half of it, consists of food, which is not directly influenced by global developments. A significant part consists of non-tradeables, which are again not influenced by global factors. So to that extent, the direct impact of evolving uncertainties on the inflation of India is probably very limited.

The home loans, which usually cuts after the speed of speed, also show a slower pace of growth. What are the main reasons for this?

Governor: It is important to view regular, macro -based. But to extract signals from that, I think we hesitate. It is the long -term data that is relevant to make insights. These fluctuations will be there. There will be noise, but you must delete the noise while looking at data from month to month or year to year. When it comes to living credit, it goes well, it can be a bit moderated, but that is to be expected. In general, the credit growth of the home is 14 percent, which is more than average credit growth of around 10 percent that we have this year. And some impact of speed reductions is done with a delay. People take the time for people to invest in a house, because it is a long -term investment.