75% of UPI users may abandon service if transaction fees are introduced: Survey
New Delhi: A recent survey by Localcircles reveals that approximately 75% of UPI users would cease using the service if transaction fees are implemented. The survey, which gathered 42,000 responses from 308 districts, indicates that 38% of users conduct over 50% of their transactions through UPI.
Only 22% of respondents are willing to accept any transaction fee, with a significant majority stating they would stop using UPI altogether. The survey also noted that UPI transactions soared to 131 billion in the fiscal year 2023-24, marking a 57% increase in volume and a 44% increase in value, totaling Rs 199.89 trillion.
Localcircles plans to present these findings to the Ministry of Finance and the Reserve Bank of India to advocate against the imposition of transaction charges. The survey was conducted online between July 15 and September 20, with 15,598 responses specifically addressing transaction fees.
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Lok Sabha extends tenure of parliamentary panel on Waqf bill
New Delhi (PTI): The Lok Sabha on Thursday adopted a resolution to extend the tenure of the Joint Committee on the Waqf (Amendment) Bill till the last day of the Budget session of Parliament next year.
Committee Chairman and BJP leader Jagdambika Pal moved the resolution in the Lok Sabha, which approved it with a voice vote.
The parliamentary panel’s meetings have become a virtual battleground between the opposition and the ruling party members, who have been vociferously debating the changes to the Waqf Bill proposed by the government.
On Wednesday, the opposition members of the committee staged a walkout and slammed Pal for asserting that the panel's draft report was ready.
Pal and the BJP members of the committee then reached out to opposition members and indicated their willingness to press for an extension of the committee's deadline of November 29 to submit its report to the Lok Sabha.
The Lok Sabha had constituted the committee on August 8 and asked to submit its report on the last day of the first week of the Winter session, which is on Friday.
Following the last meeting of the committee on November 21, Pal had said its draft report is ready. He indicated that the committee's consultation with stakeholders is over and its members will now discuss the report and suggest changes, if any, before it is adopted.
The opposition members took strong exception to this stand in Wednesday's meeting and soon stormed out. They claimed that Birla had assured them that its tenure would be extended.
Opposition parties have stridently criticised the amendments proposed by the bill in the existing Waqf Act, alleging they violate the religious rights of Muslims.
The ruling BJP has asserted that the amendments will bring transparency in the functioning of the waqf boards and make them accountable.
