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Wire · operational-macro

UPI MDR Will Not Trigger Shift to Cash, Says RBI Deputy Governor Shirish Chandra Murmu

18 September 2026 · By · Wire by Fusion42

Published

18 September 2026

Topic

operational-macro

◆ Sectors

Fintech

◆ Geography

India

◆ Source

Read at fortuneindia.com →

◆ Verified

Fusion42 · 18 September 2026 · Fusion42 review

RBI Deputy Governor Shirish Chandra Murmu stated that the abolition of Merchant Discount Rate (MDR) on UPI transactions is unlikely to cause a rise in cash usage in India, reinforcing the ongoing digital payment adoption.

This Wire brief sits within Fusion42's coverage of Fintech, and 44 sources have reported it between 19 Jul 2026 and 7 Oct 2026.

◆ ◆ The Wire takeaway

You need to position your payment offerings knowing that MDR removal won’t boost cash transactions in India. Focus on enhancing digital payment experiences rather than fearing cash resurgence.

◆ Coverage

44 sources · first reported 19 Jul 2026 · latest 7 Oct 2026

◆ Related on Wire

◆ Topics

Fintechupimdrdigital-paymentsrbifintech-regulation