Selected Tag: NPCI
Selected Tag: NPCI

UPI MDR: Who Benefits, and What Govt FAQ Doesn’t Answer

UPI’s MDR creates new revenue streams for banks and apps, but questions remain over governance, merchant bargaining power and fraud-victim protection

Anil Katia

Ganga Narayan Rath

September 17, 2026 at 5:06 AM IST

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Merchant Fees Should Not Be levied On UPI Under External Pressure 

India should not introduce MDR to address US trade complaints, or protect payments companies. Any decision needs to be based on the cost of running UPI and ensuring its long-term sustainability.

Ajay Srivastava

August 6, 2026 at 8:46 AM IST

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RBI’s Technology Maker-Checker Conundrum

Beyond the remediated BANK.IN security episode lies a larger governance challenge as AI rewrites the economics of institutional assurance.

Srinath Sridharan

Anand Venkatanarayanan

July 20, 2026 at 5:12 AM IST

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India’s Digital Public Payments Infrastructure Needs A Backup Plan

India’s payments architecture has scaled with speed, but resilience—not just reach—must now define the next phase of policy and design.

Srinath Sridharan

April 23, 2025 at 5:55 AM IST

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The Bureau

Is the RBI Behind the Curve?
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In Search of the Lesser Florican
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Maneet Pal Singh