UPI will remain free for consumers, Nirmala Sitharaman tells Rajya Sabha
Amid the Opposition walkout, Rajya Sabha passes the Bankers’ Books Evidence Bill and returns the Taxation and Other Laws (Amendment) Bill
Finance Minister Nirmala Sitharaman assured the Rajya Sabha on August 10, 2026 that Unified Payments Interface (UPI) transactions would remain free for consumers. The Finance Minister countered the Opposition's claim that the Taxation and Other Laws (Amendment) Bill imposed a tax on UPI, stating that UPI would continue to be free for consumers upon the bill's passage.
She added that the National Payments Corporation of India (NPCI) would determine the Merchant Discount Rate (MDR) for certain merchant transactions, which would only apply to a limited category of merchants with transactions exceeding a certain threshold. The Bankers’ Books Evidence Bill, 2026, which passed earlier in the day, aligns bankers' records with modern digital banking practices.
The Finance Minister accused the protesting Opposition members of being cowards for not facing the facts and continued to allow the debate to proceed despite the disruptions.
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