Banks took government subsidies and did not pass them on to payment aggregators

According to Payments Council of India (PCI) Chairman Vishwas Patel, banks have appropriated all of the monetary support provided by the Centre to compensate for the zero-charge levy on UPI transactions.

"...all of the finance ministry's assistance money has been appropriated solely by banks (no single bank has even a significant single digit volume in UPI)... "None of the payment aggregators (PAs) or facility provider(s) received anything," Patel, executive director of fintech firm Infibeam Avenues, tweeted. He was responding to the Ministry of Finance's Twitter clarification that there are no plans to charge for UPI services.

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