RBI Deputy Governor Says UPI Merchant Fee Will Not Trigger Cash Surge as MDR Returns on High-Value Payments
The Reserve Bank of India’s Deputy Governor Shirish Chandra Murmu has said the reintroduction of a Merchant Discount Rate on UPI payments above Rs 2,000 will not automatically push consumers back to cash. His remarks come as policymakers prepare for the October 15 rollout, reigniting debate over the economics of digital payments, merchant costs and the future of India’s fast-growing cashless ecosystem.
