Nirmala Sitharaman to meet CAIT on 0.4% UPI MDR rollout
Business
Finance Minister Nirmala Sitharaman is soon going to meet representatives of the Confederation of All India Traders (CAIT) to talk about the new 0.4% fee (MDR) on UPI payments above ₹2,000, starting October 15.
The government is working with banks to make sure everyday users aren't hit by these charges.
Praveen Khandelwal seeks MDR deferral
The good news: around 96% of all UPI merchant payments will remain unaffected since they're under ₹2,000, and small merchants who receive up to ₹1 lakh per month through UPI are exempt too.
Still, CAIT's Secretary General Praveen Khandelwal says traders need more time and clarity before any rollout.
He said the government should consider deferring the imposition of MDR for a short period.