Paying Rs 5,000 by UPI after Oct 15? Who pays new charge and what RBI governor said today
Starting October 15, select high-value Unified Payments Interface (UPI) transactions over ₹2,000 will incur a merchant discount rate (MDR) of 0.4%. Reserve Bank of India Governor Sanjay Malhotra stated that this fee, capped at ₹300 for transactions above ₹75,000, is unlikely to affect UPI transaction volumes significantly. Merchants will bear the new charge, not consumers.