UPI MDR could create Rs 27,000 crore revenue pool by FY28: Bernstein

September 17, 2026

A 40-basis-point MDR on UPI transactions could create a large revenue pool. Issuing banks and UPI apps will receive substantial portions of this estimated revenue. Merchant-side payment apps and acquiring banks will also capture significant revenue shares. This levy aims to sustain UPI infrastructure and support its continued expansion. The charges remain well below card fees and exempt many smaller transactions.

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New UPI MDR Explained: Impact on mutual funds, brokers & investors

The implementation of a new 0.02% merchant discount rate will influence certain UPI transactions, including one-time contributions to mutual funds and topping up broker wallets.

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Bond yields could rise to 7.5% on crude, inflation and global debt costs

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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