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Ministry of Finnace to engage with banks and traders to allay Merchant Discount Rate concerns
The brief
- Finance ministry plans consultations with banks and traders over MDR concerns
- MDR decisions affect banks and UPI payment providers’ transaction economics
- Finance Ministry seeks banks' inputs on AI tools for loan collection, assesses adoption
- Odisha govt to clear pension dues of over 20 lakh beneficiaries by October — Here's all we know
- Centre extending support to manufacturing to end dependency, says Finance Minister
- ACC Approves Key Appointments: Anand Singh, Srikant Nagulapalli Get Finance Ministry Posts
- Politics & Policy
UPI MDR rollout and consumer protection
SBI plans to charge MDR on UPI merchant payments above ₹2,000 from October 15, while officials say MDR collections will not cover UPI’s full operating costs and the government and banks will decide a continuing subsidy. The Finance Minister says the fee will be borne within the merchant-payment ecosystem, not passed to consumers; the government is also discussing safeguards with banks.
Friday, 25 September
Thursday, 24 September
- Ministry of Finnace to engage with banks and traders to allay Merchant Discount Rate concerns