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The Economic Times
The Economic Times
Technology

UPI MDR decision completely professional, no external pressure: FM Sitharaman

UPI Nirmala Sitharaman NPCI Opposition the National Payments Corporation of India India

Finance Minister Nirmala Sitharaman has rejected as "absolutely baseless" allegations by the Opposition that the decision to levy a 0.4% Merchant Discount Rate (MDR) on specified UPI transactions above Rs 2,000 was taken under external pressure, saying it was a professional decision by the payment ecosystem.

Talking to PTI, Sitharaman said the decision was completely professional, and it was taken jointly by the National Payments Corporation of India (NPCI), payment banks and merchant banks, and not imposed by the government.

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