Finance Minister Nirmala Sitharaman clarified on Thursday that the Merchant Discount Rate
Finance Minister Nirmala Sitharaman clarified on Thursday that the Merchant Discount Rate (MDR) applies to merchants, not customers, and will support banks and fintech investments in infrastructure and security. She responded to Congress leader Jairam Ramesh, who alleged MDR would burden ordinary people. The UPI and Services Steering Committee, led by NPCI, will decide on MDR after Parliament passes the Taxation and Other Laws (Amendment) Bill, 2026.
15 AUG 2026
— 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.
19 AUG 2026
— 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.
26 AUG 2026
— NDTV
Since its launch in 2016, UPI has rapidly transformed India into a digital payments leader, facilitating over 55 crore user transactions daily.
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