Economy
Government and banks to decide subsidy amount for UPI MDR charges
The Hindu2h
THE BRIEF
1
The Ministry of Finance will discuss ongoing government subsidies with the Indian Banks' Association as Merchant Discount Rate charges go live on UPI on October 15.
2
Officials noted that MDR collections will not cover the full cost of running UPI, and discussions will aim to prevent merchants from passing charges to customers.
3
The government has budgeted ₹2,000 crore for the current financial year under its incentive scheme for promoting RuPay debit cards and low-value BHIM-UPI transactions.