RBI's Murmu says digital payment fees won't slow India's growth
Business
At a recent event in Mumbai, RBI Deputy Governor S C Murmu reassured everyone that changes to digital payment fees (like the Merchant Discount Rate) won't slow down India's digital growth.
He brushed off worries that higher costs would push people back to cash, saying these concerns are just part of adapting to new ways of covering costs.
RBI developing digital payments intelligence platform
Murmu explained that while the RBI puts out over 600 circulars and amendments in a year, it's really about making rules clearer, not adding more red tape.
They're also working on a Digital Payments Intelligence Platform to fight fraud across the network.
On tech like artificial intelligence (AI) in finance, he said it's up to company boards to stay sharp and responsible.