Govt Plans Levying MDR On UPI Transactions Over INR 3,000

Discussions are underway to impose MDR on the basis of transaction value instead of merchant turnover

A meeting was held last week involving the Prime Minister’s Office, department of economic affairs, and department of financial services to revisit the MDR framework

The development comes months after various industry bodies sent proposals and letters to the government to reinstate MDR fee on UPI transactions

In an effort to boost operations of banks and payment…