Finance Minister Nirmala Sitharaman says 0.4% UPI MDR is 'not a tax' won't hit consumers
- Finance Minister Nirmala Sitharaman said Friday the proposed 0.4% UPI MDR is "not a tax" and won't hit consumers.
- Effective 15 October, the MDR on P2M transactions above Rs 2,000 will be split among banks, gateways, and UPI apps.
- Essential services like railways and telecom get a flat Rs 5 fee, while small merchants up to Rs 1 lakh/month are exempt.
- NPCI will use 5% of MDR collections to fund a scheme promoting UPI adoption among small merchants.
Source: newindianexpress.com
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