Zerodha, INDmoney Flag UPI MDR Impact On Brokers, Kamath Seeks ₹5-10 Cap

Investment platforms Zerodha and INDmoney criticized the new MDR on UPI transfers effective October 15. For capital operations, the rate will be 0.02% with a ₹300 cap, but brokers pay for each transfer even if the trade does not occur. Nithin Kamath proposed lowering the cap to ₹5–10.

• MDR on UPI for brokers: 0.02% with ₹300 cap from October 15
• Kamath: 10,000 clients with 50 transfers each could cost ₹2 cr without trades
• INDmoney: ₹200 cr per day via UPI would cost ₹11.52 cr annually
• P2P transfers and small merchants remain without MDR