Friday, 24 March, 2023

RBI Warns Banks Against Ceding UPI Space To Fintechs

<p>T. Rabi Sankar, the deputy governor of the RBI, has criticised banks for largely ceding their share of the UPI market to third parties. He forewarned banks that competitors may easily expand a disruption in one area to affect other aspects of their operations. The remarks follow a day in which the National Payments Corporation of India was forced to postpone the deadline for a rule that intended to cap the market share of third-party application providers in UPI at 30%.</p>