India's Supreme Court seeks response on UPI MDR fee decision

India's Supreme Court on Monday sought responses from the Centre and RBI on a petition challenging the 0.4% MDR fee on UPI merchant transactions above Rs 2,000 starting October 15. The bench declined an interim stay, noting 96% of gateway users are exempt.

• 0.4% MDR applies to UPI merchant payments above Rs 2,000 from October 15
• Fee capped at Rs 300 for payments of Rs 75,000 and above
• P2P transfers (37% of UPI volume) remain free of charge
• Court gave respondents four weeks to file counter affidavits, no stay granted