Central bank governor Sanjay Malhotra stated it is premature to discuss UPI transaction charges. Discussions are ongoing regarding the payment mechanism's future and costs. The government is reportedly amending laws to allow merchant discount rates on select UPI transactions. This move follows Finance Minister Nirmala Sitharaman's introduction of a new bill. The central bank's current focus remains on strengthening UPI adoption across India.

ET was the first to report on July 16 that the government could reintroduce MDR on UPI transactions for large merchants. This has been an issue plaguing the online payments…

The government proposes a new UPI MDR framework for large merchants and extends tax incentives for electronics manufacturing until 2041.

Proposed amendments to the Payment and Settlement Systems Act may bring back merchant discount rates. This move could help banks and fintech firms recover technology and…

India has laid the legal groundwork to reintroduce merchant fees on UPI payments through proposed amendments to the Payment and Settlement Systems Act. While no decision has been…

New bill proposes electronic payments outside the negative list will incur Merchant Discount Rate (MDR), including potential UPI charges.

Parliamentary amendments propose restoring merchant discount rates on UPI payments. This move aims to encourage digital transactions by allowing banks to charge fees. The…

NEW DELHI: RBI governor Sanjay Malhotra said consumers already bear the cost of UPI transactions indirectly even if merchant fees are not explicitly charged.Responding to…