FM Nirmala Sitharaman clarifies UPI MDR charges won't affect consumers, hits out at opposition over misinformation
Finance Minister Nirmala Sitharaman stated Merchant Discount Rate charges will not be passed to consumers. She clarified these charges are between payment service providers for system improvement. Opposition parties were accused of spreading misinformation regarding the UPI MDR framework. Sitharaman also criticized mimicry at a recent Congress event in Indore. She further denied allegations of…
Union Finance Minister Nirmala Sitharaman clarified on Monday that the Merchant Discount Rate (MDR) charges on Unified Payments Interface (UPI) transactions will not be passed on to consumers. The charges are only levied between payment service providers to enhance the system and deliver better services. Sitharaman accused opposition parties of disseminating misinformation about the MDR framework and attempting to deceive the public.
The new MDR framework, introduced by the National Payments Corporation of India (NPCI) on September 15, imposes a 0.4% charge on person-to-merchant (P2M) UPI transactions above Rs 2,000, with a cap of Rs 300 per transaction. Around 96% of P2M transactions will remain unaffected. The government has assured that consumers will continue to use UPI free of cost.
Sitharaman criticized the opposition for spreading falsehoods and misguiding the public, urging them to remain vigilant. She also condemned Congress leader Rahul Gandhi's behavior at his 'Chhatron Ki Goonj' event in Indore, calling it disrespectful and poor taste to mock the Leader of the Opposition in such a manner.
Responding to allegations by the Aam Aadmi Party (AAP) government regarding Punjab's funds allocation, Sitharaman maintained that no state is treated unfairly, causing financial losses or undue hardship. She accused the AAP government of making baseless allegations to divert attention from its own performance, possibly due to upcoming elections in Punjab.
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