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The Economic Times

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Parliamentary panel seeks penalties for banks hosting multiple mule accounts

A parliamentary committee suggests penalizing banks for mule accounts and KYC lapses. It also highlighted delays in merchant discount rates impacting payment providers' investments. The government is exploring a self-reliant revenue model for UPI's financial sustainability. Amendments allow charges on UPI and other digital payment modes. This aims to address a significant funding gap impacting infrastructure development.

14 Aug 2026 7:22 am