Wire · operational-macro
UPI MDR small fee will not have major impact on volumes: RBI Governor Sanjay Malhotra
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Fusion42 · 7 October 2026 · Fusion42 review
RBI Governor Sanjay Malhotra stated that the recently introduced small MDR fee on UPI transactions above Rs 2,000 will not significantly impact transaction volumes. He also assured that the RBI will maintain stability of the rupee and aid its appreciation toward a correct value despite recent volatility.
This Wire brief sits within Fusion42's coverage of Fintech, and 2 sources have reported it.
◆ ◆ The Wire takeaway
The RBI is signalling stable conditions for digital payments despite the new MDR fee, clearing a path for fintech founders to expand without fearing volume loss. You can plan for steady UPI growth while preparing for modest fee impacts on merchant behaviour.
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2 sources · 7 Oct 2026
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