Subsidy outlay of Rs 437 crore for UPI, RuPay transactions may be revised upward: SBI economists

The annual subsidy of Rs 437 crore allocated in FY26 budget to support digital payments ecosystem through UPI and RuPay card transactions “may be revised upwards”, economists at country’s largest lender SBI said on Monday.

Citing some estimates, the economists said participants of UPI (unified payment interface) are bearing a cost of up to Rs 5,000 crore to keep the online payment system running.

“The budget has earmarked Rs 437 crore to promote… transactions in FY26, which may be revised upward. However, as per estimates Rs 4,000 to Rs 5,000 crore…