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Legal● Neutral for Indian equities
Supreme Court to hear challenge to MDR on UPI merchant payments above ₹2,000
The brief
- The Supreme Court will hear the plea on Monday
- The challenged MDR framework for UPI merchant payments above ₹2,000 is set to take effect October 15
- The outcome may affect Indian payment firms and merchants handling higher-value UPI transactions
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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.
Sunday, 27 September
- Supreme Court to hear challenge to MDR on UPI merchant payments above ₹2,000