UPI MDR could cost 47.2 bps with GST for merchants

September 17, 2026

The new framework introduces a 0.4% MDR on person-to-merchant UPI transactions above Rs 2,000, capped at ?300 on transactions of Rs 75,000 and above, while consumers will not be charged. It takes effect from October 15. GST is paid by the service provider who typically recover the amount from whoever receives service.

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Domestic bond yields may rise as much as forty-five basis points. Elevated crude prices and rising inflation expectations weigh on sentiment. The Reserve Bank of

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