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Wire · operational-macro

Former RBI ED: MDR Won''t Impact UPI; Rate Hike Possible 2026

20 August 2026 · By · Wire by Fusion42

Published

20 August 2026

Topic

operational-macro

◆ Sectors

Fintech

◆ Geography

India

◆ Source

Read at money.rediff.com →

◆ Verified

Fusion42 · 20 August 2026 · Fusion42 review

Former RBI executive director G Padmanabhan supports introducing a merchant discount rate (MDR) on certain UPI transactions, stating it won't impact transaction volumes. He also indicates the Reserve Bank of India may consider a rate hike in 2026 due to inflation concerns.

This Wire brief sits within Fusion42's coverage of Fintech.

◆ ◆ The Wire takeaway

You must factor the new MDR charges into your payments cost models; the market will not shrink but your margins will shift. Prepare for tighter borrowing costs as RBI signals a likely rate hike next year amid inflation pressures.

◆ Coverage

1 source · 20 Aug 2026

◆ Related on Wire

◆ Topics

FintechMDRUPIRBIrate-hikeinflation