Bank customers may face branch service disruptions from September 28 to 30 as unions call a nationwide strike. Here’s the complete list of affected and available services.
Finance Minister Nirmala Sitharaman defended the upcoming UPI MDR, saying it is neither a tax nor cess, while industry representatives warned of additional costs for merchants.
The government is engaging UPI stakeholders to prevent merchants from passing the new MDR on to customers, while rejecting claims that the fee was introduced under US pressure.
Congress MPs Gaurav Gogoi and Manish Tewari denied backing the Centre’s new UPI charges, while the government rejected allegations that foreign pressure influenced the decision to introduce MDR.
Rahul Gandhi criticised Prime Minister Narendra Modi over the new UPI fee framework, accusing him of yielding to US pressure and demanding that the Centre withdraw the charges.
RBI has backed a 0.4% MDR on specified UPI merchant payments above Rs 2,000 from October 15. Here is what changes for consumers and merchants.
UPI payments up to Rs 2,000 are confirmed free, but experts say RBI and NPCI must clarify whether banks can charge for higher-value transactions.
India has proposed linking BRICS nations’ payment systems, expanding local currency trade and reducing business barriers. Commerce Minister Piyush Goyal said India’s UPI model can help create smoother cross-border digital transactions and stronger economic cooperation.
UPI now works in 11 countries, making overseas payments easier for Indian travellers. But is it cheaper than forex cards, cash or international cards? Know the hidden costs.
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