Supreme Court refuses to stay UPI merchant fee above Rs 2,000, seeks Centre’s response

The Supreme Court has declined to pause the new merchant discount rate on certain UPI payments above Rs 2,000. It has sought responses from the Centre, RBI, NPCI and the UPI Steering Committee to a petition challenging the policy. The fee is due to take effect on October 15, while person-to-person transfers will remain free.

New Delhi: The Supreme Court on Monday refused to stay the Centre’s decision to introduce a merchant discount rate (MDR) on specified UPI payments to businesses above Rs 2,000. It issued notices to the Centre, the Reserve Bank of India, the National Payments Corporation of India and the UPI Steering Committee on a petition challenging the measure.

“It is less a legal and more a........

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