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Nirmala Sitharaman clarifies UPI transaction charges will not apply to customers

Union Finance Minister Nirmala Sitharaman has clarified that any potential Merchant Discount Rate (MDR) charges on digital transactions like UPI will apply only to merchants, not to end-user customers. The statement follows public and political concerns, including remarks from Congress leader Jairam Ramesh, regarding the potential impact of the Finance (No. 2) Bill, 2024, on digital payment costs for the public.

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woman in white red and green floral shirt smiling
File photo: kevs / Unsplash License, via Unsplash

What Happened

Union Finance Minister Nirmala Sitharaman stated that UPI services remain free for the general public. She clarified that any Merchant Discount Rate (MDR) fees associated with digital transactions are levied on merchants rather than customers. This response addressed concerns raised by Congress leader Jairam Ramesh, who suggested that recent legislative changes might lead to charges for ordinary users on digital payment platforms.

The discussion follows the passage of the Finance (No. 2) Bill, 2024, in the Lok Sabha. Sitharaman noted that a steering committee led by the National Payments Corporation of India is still determining the specifics of MDR charges. She emphasized that these fees are intended to support banks and fintech companies in investing in digital infrastructure, innovation, and security, ensuring that users continue to benefit from a robust payment ecosystem.

Key Facts

  1. Nirmala Sitharaman stated that UPI transactions will remain free for customers.
  2. MDR charges are applicable only to merchants, according to the Finance Minister.
  3. A steering committee headed by the NPCI is currently reviewing MDR charges.
  4. The clarification was issued in response to concerns raised by Jairam Ramesh.
  5. The Finance (No. 2) Bill, 2024, was recently passed in the Lok Sabha.

The Timeline4

Every article on this story, in the order it was filed. We do not rank the outlets.

  1. 7 Aug

    1. HTThindu-tamil
      சமானிய மக்களுக்கு ‘யுபிஐ கட்டண’ சுமையா? - நிர்மலா சீதாராமன் விளக்கம்
    2. SBsambad
      N Sitharaman: ଗ୍ରାହକଙ୍କୁ ଦେବାକୁ ପଡ଼ିବନି ୟୁପିଆଇ ଶୁଳ୍କ: ଅର୍ଥମନ୍ତ୍ରୀ
    3. Dhdharitri
      କ’ଣ ସାଧାରଣ ଲୋକ UPI ଟ୍ରାଞ୍ଜାକ୍ସନବେଳେ ଦେବେ ଏକ୍ସଟ୍ରା ଚାର୍ଜ? ଅର୍ଥମନ୍ତ୍ରୀ କଲେ ଖୁଲାସା

  2. 8 Aug

    1. DHDeccan Herald
      NPCI-headed panel yet to decide on MDR charges: FM Nirmala Sitharaman

Where This Is Being Covered3 languages

Languages

Newsrooms carrying this story, by publication language.

  • English1 outlet
  • Tamilதமிழ்1 outlet
  • Odiaଓଡ଼ିଆ2 outlets

Regional reach

States where a local newsroom is carrying this. National mastheads and wire agencies circulate everywhere and are counted separately, not drawn on the map.

Jammu & Kashmir: No local newsroomLadakh: No local newsroomPunjab: No local newsroomChandigarh: No local newsroomHimachal Pradesh: No local newsroomUttarakhand: No local newsroomHaryana: No local newsroomDelhi NCR: No local newsroomUttar Pradesh: No local newsroomRajasthan: No local newsroomGujarat: No local newsroomDadra & Nagar Haveli and Daman & Diu: No local newsroomMaharashtra: No local newsroomGoa: No local newsroomMadhya Pradesh: No local newsroomChhattisgarh: No local newsroomBihar: No local newsroomJharkhand: No local newsroomWest Bengal: No local newsroomOdisha: Sambad, DharitriSikkim: No local newsroomArunachal Pradesh: No local newsroomAssam: No local newsroomNagaland: No local newsroomMeghalaya: No local newsroomManipur: No local newsroomTripura: No local newsroomMizoram: No local newsroomTelangana: No local newsroomKarnataka: Deccan HeraldAndhra Pradesh: No local newsroomKerala: No local newsroomTamil Nadu: Hindu Tamil ThisaiPuducherry: Hindu Tamil ThisaiLakshadweep: No local newsroomAndaman & Nicobar: No local newsroom
  • No local newsroom
  • 1 outlet
  • 2 or more

4 states with local coverage. Concentrated in the South.

About This Analysis

One summary, built from every source. No single newsroom's voice.

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Articles
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Key facts

Paksh: the sides a story is told from. 4 newsrooms filed on this one, and every filing is listed above.

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