RBI Governor Malhotra Says Premature to Confirm UPI Transaction Charges
In a press conference, RBI Governor Sanjay Malhotra stated it is premature to confirm any charges on Unified Payments Interface (UPI) transactions. The government has proposed a Merchant Discount Rate (MDR) of 0.3%-0.5% for large merchants only on UPI transactions above Rs 2,000. This comes as the current subsidy model struggles to keep pace with transaction growth. Let's wait and watch for further developments, said Malhotra.
5 AUG 2026
· THIS STORY — NDTV
RBI Governor Malhotra Says Premature to Confirm UPI Transaction Charges
7 AUG 2026
— 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.
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