SBI's Setty says bank is working on YONO Bharat and UPI fees
In short
At the BFSI Insight Summit, SBI Chairman C S Setty said SBI is working with NPCI so UPI merchant charges do not reach customers.
He also said FCNR(B) inflows should reduce competition for deposits. The reporting does not say when this will happen or how much customers could save.
What the reporting says
At the BFSI Insight Summit, SBI Chairman C S Setty said the bank is working with NPCI to prevent UPI merchant charges from reaching customers. The publisher-supplied summary also says FCNR(B) inflows will ease deposit competition. The reporting does not say when any change will take effect or whether customers will see lower costs, only that SBI is trying to shield them from added charges.
Why it matters
At the BFSI Insight Summit, SBI Chairman C S Setty said the bank is working with NPCI to stop UPI merchant charges from being passed on to customers. The summary also says FCNR(B) inflows will ease deposit competition. The report does not state the size of the charges, the scale of the inflows, or a timeline for implementation.