Finance News

UPI MDR apprehension unlikely to spur higher cash usage: RBI DG Murmu

Concerns that introducing MDR would spur a surge in cash transactions are unlikely to materialise, RBI Dy Guv Shirish Chandra Murmu said on Friday, adding that it was only an "initial apprehension".

UPI MDR wins payments industry support, but merchants fear higher costs

The 0.4 per cent charge on merchant UPI payments above Rs 2,000 could generate up to Rs 20,600 crore annually, but retailers and fuel dealers fear margin pressure and a possible shift towards cash

CBDT removes arrest, detention provisions from tax recovery rules

The tax department has also given valuers and authorised income-tax practitioners six more months, until March 31, 2027, to complete their registration

Rupee rises 16 paise to 95.73 against US dollar during early trade

At the interbank foreign exchange market, the rupee opened at 95.75 and gained slightly to trade at 95.73 against the greenback in early deals, up 16 paise from its previous close

Nabfid sanctions over ₹3,000 crore loans for data centres amid AI push

The facilities from the National Bank for Financing Infrastructure and Development, or Nabfid, have a moratorium of as much as five years, with repayment over the following 10 years

Govt considers mechanism to check pass-through of MDR to customers

Government may monitor merchants to ensure new UPI charges are not passed on to consumers from October 15

Liquidity normalisation key before RBI embarks on interest rate hikes

With global central banks raising rates, RBI may need to drain excess banking liquidity and align overnight rates with the repo rate before embarking on a fresh tightening cycle

RBI absorbs ₹50,000 crore through bond sale amid liquidity surge

The central bank sold Rs 50,000 crore of government securities in the first of three OMO tranches planned for September to absorb surplus liquidity from the banking system.

FinMin to hold state finance ministers conference on Viksit Bharat roadmap

Finance Minister Nirmala Sitharaman will attend the conference, which will bring together several chief ministers and finance ministers of states along with senior state government officials

Delhi merchants up in arms, say MDR on UPI could mark return to cash

New UPI charges on high-value merchant payments are raising concerns among Delhi retailers, with some considering a shift towards cash to protect margins

EPFO ceiling hike to raise employer cost by ₹1,200 per worker

Higher EPF wage ceiling could raise employer costs by up to ₹1,200 per employee while reducing take-home pay for workers in the affected wage band

RBI absorbs ₹2.4 trillion via VRRR auction amid surplus liquidity

The Reserve Bank of India fully accepted bids worth ₹2.39 trillion at a cut-off and weighted average rate of 5.24 per cent as banking system liquidity surplus reached ₹7.38 trillion

Rupee may need to weaken further as fundamentals shift: Axis Bank

The Indian rupee may need to weaken further to align with shifting trade fundamentals and relatively weaker productivity gains from ​AI, according to an Axis Bank assessment

New UPI MDR framework to support innovation and investment: Assocham

Assocham said the new UPI MDR framework for high-value merchant payments will support investment in technology and infrastructure, while helping expand UPI acceptance across the country

Commerce ministry seeks five-year RoDTEP extension, higher FY27 outlay

Commerce Department has asked the expenditure department to raise the export incentive scheme's FY27 allocation to Rs 23,000 crore from the budgeted Rs 10,000 crore

EPFO wage ceiling raised to ₹25,000 for better social security net

Government raises EPF wage ceiling to ₹25,000 from ₹15,000, expanding mandatory social-security coverage to over 51 lakh additional employees

Govt holds firm on UPI MDR as Opposition mounts pressure for rollback

Finance Ministry rejects claims of US pressure behind UPI MDR, as Opposition parties and trader groups demand reconsideration of the new merchant fee

MDR on UPI payments face 18% GST; registered biz can claim input tax credit

Experts say GST will raise the upfront cost of accepting eligible UPI payments, but registered businesses can offset the tax through input tax credit, subject to applicable rules.

RAI warns UPI merchant fee could push small retailers back towards cash

Industry body says the charge could drive small merchants back to cash, weaken formalisation and undermine digital payment adoption during the festive season across India.

MDR may push small merchants, price-sensitive consumers towards cash: GTRI

The Merchant Discount Rate (MDR) charges on UPI transactions above Rs 2,000 could push small merchants and price-sensitive consumers back towards cash, economic think tank GTRI said on Wednesday.