Finance Minister Clarifies MDR Application Rules

6 UPDATES · 22 DAYS · 5 AUG 2026 — 26 AUG 2026

Nirmala SitharamanPunjabDelhiNarendra ModiCongress

Latest · 26 Aug 2026

Since its launch in 2016, UPI has rapidly transformed India into a digital payments leader, facilitating over 55 crore user transactions daily.

What this timeline covers

This event covers the statement made by RBI Governor Sanjay Malhotra regarding the premature confirmation of charges for Unified Payments Interface (UPI) transactions, including any reactions, analyses, and follow-up developments related to this specific occurrence. It excludes other actions or statements by the RBI Governor or related parties unless they are direct developments or responses to the announcement about UPI transaction charges.

The full story, from the beginning

5Aug

STORY BEGINS — NDTV

RBI Governor Malhotra Says Premature to Confirm UPI Transaction Charges

7Aug

NDTV

Finance Minister Nirmala Sitharaman clarified that the Merchant Discount Rate (MDR) applies to merchants, not customers, and will support financial infrastructure and security.

NDTV

The Payments Council of India reaffirmed that UPI services will remain free for consumers and small merchants despite the amendment to the Payment and Settlement Systems Act.

15Aug

The Hindu

Cash usage in India grew from 4% to 12% between 2023-24 and 2025-26, outpacing the 18.7% growth in UPI transaction values in 2026-27.

19Aug

NDTV

Finance Minister Nirmala Sitharaman affirmed that UPI will remain free for consumers, while Santanu Paul, former NPCI chief, advocates for continued free access for ordinary citizens and small businesses.

26Aug

LATEST UPDATE — NDTV

Since its launch in 2016, UPI has rapidly transformed India into a digital payments leader, facilitating over 55 crore user transactions daily.

Awaiting next development