Srinagar, Oct. 23 -- Jammu and Kashmir Bank Managing Director and CEO Amitava Chatterjee on Thursday defended the surcharge on UPI transactions above Rs 2,000, saying it was necessary for maintaining the fledgling system.

Chatterjee said it is a misconception that someone is trying to earn from the UPI transaction surcharge.

"You can understand the magnitude of the transactions that take place through a system. It is very costly. If you continue it free of cost, it will not be sustainable in the long run. Who is going to pay? So the charges are meant actually for sustenance of this system, which has done so well. It is essential. If we do not charge this now, it may not sustain for a longer period," Chatterjee told PTI.

The J&K Bank CE...