UPI MDR: Supreme Court refuses stay on 0.4% charge, seeks clarity | Above the Fold | Sept 28, 2026

By The Hindu

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The Supreme Court has refused an interim stay on the Centre’s decision to levy a 0.4% Merchant Discount Rate, or MDR, on specified UPI person-to-merchant transactions above ₹2,000 from October 15. During the hearing, the Court questioned the government over the nature of the charge. We discuss what the Court’s questions and the proposed MDR mean for India’s UPI payments ecosystem. Also in focus: the Supreme Court’s suo motu cognisance of recent sexual assault cases in Delhi-NCR, protests at Lovely Professional University after unverified rape allegations, clashes in Ujjain over a proposed mosque demolition linked to a road-widening project, and bank unions deferring their three-day nationwide strike. Above the Fold is The Hindu’s daily news show, bringing you the biggest stories of the day, explained and analysed by our journalists and experts. #upimdr #upipayments #supremecourtofindia 00:00 Introduction 00:16 Supreme Court asks Govt on UPI MDR charges, refuses interim stay 07:54

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