We don't get a penny for UPI infra: Axis Bank MD & CEO Amitabh Chaudhry

Axis Bank MD Amitabh Chaudhry said banks earn nothing from UPI transactions despite bearing the infrastructure costs, as subsidies and incentives shrink further

Despite providing the guard rails for the country’s retail digital payments platform, Unified Payments Interface (UPI), banks are not earning anything from settling these transactions, which is one among the many reasons why bank’s costs are rising faster than their incomes, said MD & CEO of Axis Bank Amitabh Chaudhry.

 

“We don’t get paid a penny for providing all the pipes for UPI. There used to be some subsidy, which has been reduced to one third of what it was,” he said at the FIBAC conference on Monday while responding to a question on why the income of Indian banks