RBI Governor: Small MDR Fee Won't Have Major Impact on UPI Volumes

Reserve Bank of India Governor Sanjay Malhotra said a small merchant discount rate (MDR) fee will not have a major impact on UPI transaction volumes. Since last month, transactions above Rs 2,000 carry a 0.4% fee.

• MDR applies to UPI transactions above Rs 2,000
• The fee rate is set at 0.4%
• RBI does not expect UPI volumes to drop
• Banks raised nearly $133 billion under the FCNR(B) scheme