RBI Governor Shaktikanta Das says that costs associated with payment services have to be paid by someone as the government moves to amend laws governing payment and settlement systems. According to reports, Finance Minister Nirmala Sitharaman has tabled changes to the Payment and Settlement Systems Act in Parliament. The amendments, as described by both accounts, are intended to create a legal framework that could allow merchants or participating entities to charge under a mechanism linked to UPI transaction fees, commonly referred to as MDR (merchant discount rate). The RBI governor’s remarks are presented in the context of the debate over whether and how costs of processing and operating UPI should be allocated. The reporting does not indicate a final decision on charging levels or the implementation approach, but it frames the legislative proposal as the step that would enable such charges if further policy measures are adopted. Overall, the coverage highlights the government’s move in Parliament alongside the RBI governor’s statement that operational costs must be borne, without specifying who would ultimately pay or how the fee structure would be set.
RBI Governor says someone must bear costs as govt proposes changes enabling UPI MDR
RBI Governor Shaktikanta Das says that costs associated with payment services have to be paid by someone as the government moves to amend laws governing payment and settlement systems. According to re...
- Finance Minister Nirmala Sitharaman tables amendments to the Payment and Settlement Systems Act in Parliament.
- The proposed amendments are described as enabling the possibility of UPI-related MDR charges.
- RBI Governor Shaktikanta Das says the costs of payments services have to be paid by someone.
- The reports discuss the ongoing debate over whether UPI transaction charges will be imposed, but do not detail final fee levels or implementation terms.
Finance Minister Nirmala Sitharaman has tabled changes to the Payment and Settlement Systems Act in Parliament, which opens the door for UPI MDR.
12 hours agoFinance Minister Nirmala Sitharaman has tabled changes to the Payment and Settlement Systems Act in Parliament, which opens the door for UPI MDR.
12 hours ago
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