Congress alleges US pressure behind Centre's new 0.4% UPI MDR, calls it “NOTA”
- Congress on Wednesday accused the Centre of introducing UPI Merchant Discount Rate under pressure from the US, calling it "NOTA."
- Senior Congress leader Jairam Ramesh alleged the move helps US card companies compete with UPI, questioning the 0.4% rate.
- He said running UPI costs around Rs 20,000 crore annually, calling it less than 10% of RBI's transfers to the Centre.
- NPCI's new framework, effective 15 October 2026, applies a 0.4% MDR on merchant UPI transactions above Rs 2,000.
Source: timesofindia.indiatimes.com
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