Brief by Shorts91 Newsdesk / 09:22am on 15 Sep 2026,Tuesday India
The Finance Ministry has notified that banks and payment system providers cannot charge fees on UPI and RuPay debit card transactions up to ₹2,000. The notification, issued under Section 10A of the Payment and Settlement Systems Act, follows an amendment passed in Parliament's Monsoon Session. While small transactions remain fully protected, the rule opens the possibility of a Merchant Discount Rate (MDR) on select higher-value merchant transactions above ₹2,000. The NPCI's UPI Steering Committee is expected to finalise MDR rates soon, with industry estimates suggesting 25-30 basis points for larger businesses. Person-to-person UPI payments remain unaffected. (PC: NDTV)
