'Any Levy On UPI Is Just Tax Collection': Ashneer Grover Says Opposing Govt Stance

Grover also pointed to the cost of running ATMs and cash logistics in India, which he put at Rs 30,500 crore (US$3.0 billion).

He cited the RBI surplus to the government at Rs 2.87 lakh crore (US$30 billion) and total listed bank profits at Rs 4.11 lakh crore (US$42 billion).

Source : IMDb

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Key points generated by AI, verified by newsroom

• Ashneer Grover questions UPI levy, calls it mere tax collection.
• He cites RBI, bank, NPCI surpluses, refuting subsidy claims.
• Grover compares UPI efficiency to expensive ATM operations.

Entrepreneur Ashneer Grover has questioned the need for any levy on UPI transactions, arguing that the digital payments system does not require a government subsidy and that imposing a tax on it would amount to "just tax collection".

In a post, Grover cited figures for the Reserve Bank of India's surplus transfer to the government, listed bank profits and the pre-tax surplus of the National Payments Corporation of India (NPCI), which operates UPI.

Grover Cites RBI, Bank Profit Figures

"If someone in India spends five minutes Googling the numbers, everything will become crystal clear," Grover said in the post.

He cited the RBI surplus to the government at Rs 2.87 lakh crore (US$30 billion) and total listed bank profits at Rs 4.11 lakh crore (US$42 billion).

Grover also cited NPCI's pre-tax "surplus" at Rs 1,888 crore (US$200 million).

"So who is actually losing money because of UPI, and what subsidy is the government giving to UPI that is causing this discomfort?" he said.

Grover Compares UPI With ATM Costs

Grover also pointed to the cost of running ATMs and cash logistics in India, which he put at Rs 30,500 crore (US$3.0 billion).

"The cost of running ATMs and cash logistics in India is Rs 30,500 crore (US$3.0 billion). If you want to optimise, shut ATMs and promote UPI instead," he said.

'UPI Is The One Scientific Achievement Of India'

Grover further criticised the prospect of imposing a levy on UPI, calling it a form of tax collection.

"Any levy on UPI is just tax collection. UPI is the one scientific achievement of India everyone acknowledges, but now it will be sacrificed at the altar of tax," he said.