Banks to monitor merchants to ensure UPI MDR is not passed on to consumers: Govt sources

The Indian government has directed banks to monitor merchants to ensure that the Merchant Discount Rate (MDR) on UPI transactions is not passed on to consumers, enforcing regulations to protect consumers from additional charges.

This Wire brief sits within Fusion42's coverage of Fintech, and 27 sources have reported it between 15 Sep 2026 and 5 Oct 2026.