India has exempted transactions up to ₹2,000 via UPI and RuPay debit cards from charges. This move allows ...More

India has exempted transactions up to ₹2,000 via UPI and RuPay debit cards from charges. This move allows for the reintroduction of merchant discount rate on UPI transactions. The government amended the Payment and Settlement Systems Act to enable these changes. Future MDR charges on UPI will be nominal and apply to limited merchant transactions. A detailed directive on MDR charges is expected soon from NPCI. ...Less

The government has announced no charges on UPI transactions up to Rs 2,000. RuPay debit card payments bel ...More

The government has announced no charges on UPI transactions up to Rs 2,000. RuPay debit card payments below this amount will also remain free. This clarification follows amendments to the Payment and Settlement Systems Act. Banks and system providers cannot levy any direct or indirect charges. Consumers will continue to make instant digital payments without any transaction fees. ...Less

Manipal Payment and Identity Solutions plans a ₹320 crore fresh issue for capacity expansion. The company ...More

Manipal Payment and Identity Solutions plans a ₹320 crore fresh issue for capacity expansion. The company's promoter stake will decrease to 53% after the initial public offering. Growing card issuance and demand for identity solutions are expected to benefit the business. However, potential regulatory changes in payments could increase compliance costs for the firm. The issue is deemed suitable for long-term investors with a higher risk tolerance. ...Less

The government has introduced a 0.4% fee on UPI payments of more than Rs 2,000 made to merchants from Oct ...More

The government has introduced a 0.4% fee on UPI payments of more than Rs 2,000 made to merchants from October 15. Under this, a merchant discount rate (MDR) of 0.4% is to be levied on person-to-merchant transactions of above Rs 2,000. However, no MDR is to be levied on UPI transactions of up to Rs 2,000. ...Less

Starting on October 15, banks and payment applications will begin earning revenue from select merchant UP ...More

Starting on October 15, banks and payment applications will begin earning revenue from select merchant UPI transactions. Transactions under Rs 2000 will remain exempt from new fees, while person-to-person transfers and small vendor payments under Rs 1 lakh are still free. Merchants will incur a charge of up to forty basis points for transactions over Rs 2000. ...Less

UPI could generate Rs 22,000 crore annually by FY28 through a modest merchant discount rate. Banks might ...More

UPI could generate Rs 22,000 crore annually by FY28 through a modest merchant discount rate. Banks might receive Rs 14,000 crore and payment apps Rs 7,000 crore from this pool. This revenue stream focuses on higher-value transactions above Rs 2,000, which dominate transaction value. The government notification exempts smaller UPI transactions from any charges. This creates a pathway for monetising a significant segment of merchant payments. ...Less

While NPCI has not specified a threshold based on the size of a merchant’s turnover, it said in its annou ...More

While NPCI has not specified a threshold based on the size of a merchant’s turnover, it said in its announcement that vendors operating under the person-to-person merchant (P2PM) category will “enjoy a mandatory zero MDR”. Merchants in this category, typically small shopkeepers, street vendors and local businesses, are classified as those receiving less than Rs 1 lakh per month in their accounts through UPI. ...Less

BharatPe co-founder Ashneer Grover has questioned the rationale for introducing charges on certain UPI me ...More

BharatPe co-founder Ashneer Grover has questioned the rationale for introducing charges on certain UPI merchant transactions above Rs 2,000, calling any levy tax collection. He compared UPI with the cost of India's cash and ATM infrastructure and cited financial figures for the RBI, banks and NPCI while asking what loss or subsidy justified charging for UPI. ...Less

Congress criticizes the government's UPI transaction notification. The party claims this move sets a stag ...More

Congress criticizes the government's UPI transaction notification. The party claims this move sets a stage for future user fees. This notification prohibits charges on UPI transactions up to two thousand rupees. However, it leaves transactions above this cap unspecified for merchants. The government states charges are needed for system upgrades and market expansion. ...Less

The issuing bank would retain 40% of the fee, sources said. Third-party application providers such as Pho ...More

The issuing bank would retain 40% of the fee, sources said. Third-party application providers such as PhonePe or Google Pay, and the acquiring bank would take 30% each. On a 40 bps MDR, that works out to roughly 16 bps for the bank and 12 bps each for the app and the acquirer. One basis point equals 0.01%, so a 40 bps MDR translates to a fee of 0.4% on the transaction value. ...Less

The National Payments Corporation of India, which operates the UPI network, said the revenue will support ...More

The National Payments Corporation of India, which operates the UPI network, said the revenue will support investment in infrastructure resilience, cybersecurity, fraud prevention, innovation and customer service. ...Less

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Congress criticises the government for introducing charges on UPI transactions for merchants. This move i ...More

Congress criticises the government for introducing charges on UPI transactions for merchants. This move is seen as appeasing United States demands and impacting local competition. The government stated that consumers will not face any charges for UPI payments. This policy change signals a significant shift for the UPI payment system. Opposition parties have voiced strong criticism regarding the new levy. ...Less

Happy Tuesday! Amazon's quick commerce arm is scaling fast, India head Samir Kumar told us. This and more ...More

Happy Tuesday! Amazon's quick commerce arm is scaling fast, India head Samir Kumar told us. This and more in today’s ETtech Morning Dispatch. ...Less

Maharashtra is progressing towards becoming India's first tokenised state. The proposed DELTA Act will cr ...More

Maharashtra is progressing towards becoming India's first tokenised state. The proposed DELTA Act will create a legal framework for blockchain tokenisation. This initiative aims to simplify access and review of land records. Ordinary citizens will gain liquidity from their land and other assets. The state seeks to advance through these new technological initiatives. ...Less

Corporate executives emphasized the necessity of embracing proactive self-disruption as technology evolve ...More

Corporate executives emphasized the necessity of embracing proactive self-disruption as technology evolves and consumer preferences shift. It's imperative for businesses to adapt continuously, even when thriving, to stay competitive. As AI's role amplifies, the significance of data remains high, requiring adept insight extraction. Successful adaptation demands organizations to evolve structurally while upholding core values. The greatest danger lies in delaying change in a swiftly changing market environment. ...Less

Paytm shares fell after the government directed banks and payment providers not to charge for UPI transac ...More

Paytm shares fell after the government directed banks and payment providers not to charge for UPI transactions up to Rs 2,000, raising uncertainty over charges for higher-value transactions. The decline came a day after Paytm hit a fresh 52-week high of Rs 1,840, with the stock having nearly doubled from its March low of Rs 930.6. ...Less

UPI now dominates India's digital merchant payments, capturing a significant market share. Credit and deb ...More

UPI now dominates India's digital merchant payments, capturing a significant market share. Credit and debit cards are steadily losing their previous positions in this sector. The digital payments market continues to expand, with UPI capturing much of this growth. Proposed changes may introduce nominal charges on select higher-value UPI merchant transactions. ...Less

Despite government promotion of digital transactions like UPI and e-Rupee, cash remains prevalent, especi ...More

Despite government promotion of digital transactions like UPI and e-Rupee, cash remains prevalent, especially in rural areas and for large-value transactions. While digital payments offer convenience, they have also led to increased cyber fraud and financial exclusion, particularly for women. The article suggests the government's push for digitalization may stem from a desire for control and programmatic payment disbursement rather than genuine welfare improvement. ...Less

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UPI Payment: UPI transactions up to Rs 2,000 will remain free for all users. A new Merchant Discount Rate ...More

UPI Payment: UPI transactions up to Rs 2,000 will remain free for all users. A new Merchant Discount Rate (MDR) will apply to specified merchant payments above Rs 2,000. The revised framework aims to support investment in UPI infrastructure, innovation and cybersecurity. Most person-to-merchant (P2M) transactions will remain unaffected by the changes. The updated provisions will take effect from October 15, 2026. ...Less

Beginning October 1, 2026, State Bank of India will implement a change in its policy regarding free ATM t ...More

Beginning October 1, 2026, State Bank of India will implement a change in its policy regarding free ATM transactions for salary account holders. These customers will be limited to five free withdrawals each month; any transactions beyond that will incur charges. ...Less

Criminals deposited Rs 15 lakh in senior citizen’s bank a/c; police wants to question him; HC grants anti ...More

Criminals deposited Rs 15 lakh in senior citizen’s bank a/c; police wants to question him; HC grants anticipatory bail and observes mere deposit of crime money in a/c insufficient to conclude he was knowingly involved in the crime ...Less

India's youngest generation now leads consumption spending with unique preferences. Gen Z's influence is ...More

India's youngest generation now leads consumption spending with unique preferences. Gen Z's influence is reshaping brand strategies and investment patterns significantly. This demographic is embracing early credit access and design-led purchases. Their spending power is projected to grow substantially in the coming years. Brands must adapt to evolving consumer behaviors and wider reach. ...Less

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WhatsApp launched bill payments in India on September 3, 2026. This feature allows users to pay household ...More

WhatsApp launched bill payments in India on September 3, 2026. This feature allows users to pay household and utility bills directly within the app. The service is powered by the Bharat Bill Payment System network. Users can access over 22,000 billers across 30 categories for payments. Meta India aims to make bill payments as effortless as sending a message. ...Less

How about a card that not only offers airport privileges but also earns rewards on every eligible spend a ...More

How about a card that not only offers airport privileges but also earns rewards on every eligible spend and UPI transaction, with zero forex markup on international transactions? This new co-branded credit card offers unlimited domestic lounge access, complimentary dining, among a host of other benefits, and most importantly, it is a lifetime free offering. ...Less

At Global Fintech Fest 2026, PhonePe founder‑CEO Sameer Nigam framed the company’s first ten years as the ...More

At Global Fintech Fest 2026, PhonePe founder‑CEO Sameer Nigam framed the company’s first ten years as the construction of India’s financial rails and unveiled a second act tied to a single question: whose progress still remains outside the frame? ...Less

SSC JE Recruitment 2026 applications have opened for 1,748 Junior Engineer and Scientific Assistant posts ...More

SSC JE Recruitment 2026 applications have opened for 1,748 Junior Engineer and Scientific Assistant posts. Eligible candidates can apply online from September 2 to September 22 through ssc.gov.in. The recruitment covers government organisations including BRO, CPWD, MES, DoT, CWC and IMD, with Group 'B' Level-6 posts offering a pay scale of Rs 35,400 to Rs 1,12,400. ...Less

PhonePe has unveiled UPI 123Pay, a new service for feature phone users that enables seamless transactions ...More

PhonePe has unveiled UPI 123Pay, a new service for feature phone users that enables seamless transactions without an internet connection. The initiative targets more than 200 million users, helping expand access to digital payments across India. It supports both peer-to-peer and merchant payments using mobile numbers or UPI IDs, with future updates expected to include bill payments and mobile recharges. ...Less

The Pradhan Mantri Jan Dhan Yojana has achieved unparalleled impact and transformative outcomes. This ini ...More

The Pradhan Mantri Jan Dhan Yojana has achieved unparalleled impact and transformative outcomes. This initiative has significantly reshaped India's financial landscape and global financial inclusion efforts. Millions of unbanked adults now have access to basic banking services and digital transaction tools. Women's participation in the financial system has increased substantially through these accounts. Rural and semi-urban areas are now better served by this extensive banking network. ...Less

CBSE has reopened the CTET 2026 application window from August 25 to September 1, giving eligible candida ...More

CBSE has reopened the CTET 2026 application window from August 25 to September 1, giving eligible candidates who missed the earlier registration deadline another opportunity to apply. The 22nd edition of the Central Teacher Eligibility Test can now be applied for online, while the revised examination date will be announced after the extended application window closes. ...Less

Assam Police apprehended another alleged operative of the Pakistan-based Shahzad Bhatti Network. This arr ...More

Assam Police apprehended another alleged operative of the Pakistan-based Shahzad Bhatti Network. This arrest brings the total number of apprehended individuals to four in connection with the case. Incriminating articles and documents were recovered and seized from the apprehended person. The operation is part of sustained action against anti-national networks and their operatives. Earlier, three alleged operatives were arrested from different districts of Assam. ...Less

Over Rs 53 lakh crore has been transferred through Direct Benefit Transfer to beneficiaries. Nearly 33 cr ...More

Over Rs 53 lakh crore has been transferred through Direct Benefit Transfer to beneficiaries. Nearly 33 crore women now hold Jan Dhan accounts, enhancing financial inclusion. The Pradhan Mantri Jan Dhan Yojana has completed twelve years of successful operation. This initiative provides basic banking access and financial security to millions. Banking outlets now reach nearly every village, improving accessibility for all. ...Less

The Pradhan Mantri Jan Dhan Yojana has completed twelve years of service. Over fifty-nine crore bank acco ...More

The Pradhan Mantri Jan Dhan Yojana has completed twelve years of service. Over fifty-nine crore bank accounts now exist under this financial inclusion scheme. Deposits have reached a substantial three point seventeen lakh crore rupees. This initiative empowers millions by providing access to banking and financial services. The scheme has significantly transformed India's banking and financial landscape. ...Less

The Calcutta High Court disposed of Abhishek Banerjee's petition regarding his frozen bank accounts. His ...More

The Calcutta High Court disposed of Abhishek Banerjee's petition regarding his frozen bank accounts. His accounts and cards were reactivated after submitting required KYC documents to the bank. The court noted that banks should provide notice before blocking customer accounts. The bank stated that Banerjee's account was blocked due to high-risk factors and third-party data. Banerjee's lawyer argued that partial freezing requires repeated reminders and phased action. ...Less

Credit cards aren't the only way to unlock free airport lounge access. Discover 7 debit cards from ICICI, ...More

Credit cards aren't the only way to unlock free airport lounge access. Discover 7 debit cards from ICICI, HDFC, SBI, PNB, IDFC First and Bank of Baroda offering complimentary domestic and international lounge visits, with some having no minimum spend criteria. Check out these 7 debit cards that offer lounge access. ...Less

A Kerala woman fell ill after eating alfaham at a biryani cafe and spent a week in hospital after doctors ...More

A Kerala woman fell ill after eating alfaham at a biryani cafe and spent a week in hospital after doctors diagnosed a Salmonella infection. The consumer commission found her complaint substantiated and ordered the cafe proprietor and manager to jointly pay Rs 96,500, covering hospital expenses, compensation and litigation costs. ...Less

In an effort to revise its fee structure, the State Bank of India will enforce service charges on Basic S ...More

In an effort to revise its fee structure, the State Bank of India will enforce service charges on Basic Savings Bank Deposit accounts. Customers will be charged for cash withdrawals after four free transactions monthly, affecting all withdrawal methods, including online ones. These accounts are pivotal for fostering financial inclusion, as they have no minimum balance requirement and offer a free Rupay card. ...Less

NTA has released the UGC NET June 2026 provisional answer key. Candidates can submit objections against t ...More

NTA has released the UGC NET June 2026 provisional answer key. Candidates can submit objections against the official answers until August 18, 2026. A processing fee of Rs 200 is required for each question challenged. Candidates can calculate their expected scores using a simple formula. The agency will review all objections before finalizing the answer key. ...Less

An 88-year-old Delhi man's stolen phone and Rs 70,000 in unauthorised transactions led Delhi Police to a ...More

An 88-year-old Delhi man's stolen phone and Rs 70,000 in unauthorised transactions led Delhi Police to a pan-India cyberfraud syndicate operating across three states. Nine people have been arrested from Jaipur, Ghaziabad, and Meerut, with police recovering 52 stolen phones, 145 SIM cards, and 70 debit cards from the network. ...Less

Congress is moving to end the production of one-cent coins for general circulation. The proposed Common C ...More

Congress is moving to end the production of one-cent coins for general circulation. The proposed Common Cents Act allows retailers to round cash transactions. Cash totals will be rounded to the nearest five cents when exact change is unavailable. This legislation permits retailers to round in favor of the customer. Electronic and card payments will continue to be charged at the exact amount. ...Less

India’s payments network is shifting towards software-based channels, with UPI QR codes and online card t ...More

India’s payments network is shifting towards software-based channels, with UPI QR codes and online card transactions growing while ATMs and other hardware-based infrastructure stagnate or decline. UPI QR codes rose 16.9% year-on-year to 792.6 million in June. ...Less

A man's SBI bank account was drained of Rs 1.3 lakh through four unauthorised ATM withdrawals and two tra ...More

A man's SBI bank account was drained of Rs 1.3 lakh through four unauthorised ATM withdrawals and two transfers he says he never made. SBI failed to produce CCTV footage or transaction records before the commission. The Delhi State Consumer Commission has now dismissed SBI's appeal and upheld the full Rs 1.3 lakh refund order. ...Less

Parliament has passed the Taxation and other Laws (Amendment) Bill. Finance Minister Nirmala Sitharaman c ...More

Parliament has passed the Taxation and other Laws (Amendment) Bill. Finance Minister Nirmala Sitharaman confirmed UPI will remain free for consumers. The legislation removes the linkage between payment systems and income tax. It also provides legal backing to modify zero-MDR frameworks for digital transactions. The bill aims to attract foreign capital and promote domestic manufacturing. ...Less

India’s payments ecosystem has evolved dramatically, from hundis and merchant networks that moved value a ...More

India’s payments ecosystem has evolved dramatically, from hundis and merchant networks that moved value across long distances to formal banking, electronic transfers and the digital infra behind UPI. Each technological leap solved the same fundamental challenge: enabling money to travel securely and efficiently without physically moving cash from one place to another. ...Less

While there has been no official word from the government on this yet, it is learnt that the Centre could ...More

While there has been no official word from the government on this yet, it is learnt that the Centre could allow a levy of 0.25% to 0.4% as merchant discount rate (MDR) charges on UPI transactions above Rs 2000. So, does this mean that the proposal will directly impact you? First understand what MDR is. ...Less

Finance Minister Nirmala Sitharaman said UPI transactions will remain free for consumers, with most low-v ...More

Finance Minister Nirmala Sitharaman said UPI transactions will remain free for consumers, with most low-value payments also staying free. Any future MDR would apply only to limited merchant transactions above a prescribed threshold, with its scope to be decided later. ...Less

Standard UPI transfers for individuals will remain complimentary, ensuring users can continue making ever ...More

Standard UPI transfers for individuals will remain complimentary, ensuring users can continue making everyday payments without worry. While most merchant transactions also stay free, high-value business dealings may bear small fees. ...Less

Jennifer Bailey, Apple's longtime head of Pay and Wallet, is retiring in October. She has led significant ...More

Jennifer Bailey, Apple's longtime head of Pay and Wallet, is retiring in October. She has led significant growth in payment services and the Apple Card. Bailey's departure adds to a wave of senior executives exiting the tech giant. This demographic shift sees many long-serving leaders reaching retirement age. Apple will announce its succession plan before Bailey's transition. ...Less

In Bihar, police apprehended an individual masquerading as both an IAS officer and a National Security Ag ...More

In Bihar, police apprehended an individual masquerading as both an IAS officer and a National Security Agency agent. During a raid on his home, they discovered a Tesla vehicle and a stash of imported liquor. He had produced counterfeit documents to validate his misleading assertions of government affiliations. Investigators are delving into the origins of his wealth and potential accomplices in these fraudulent activities. ...Less

Planning an international trip? A 'zero forex markup' credit card promises savings, but hidden charges an ...More

Planning an international trip? A 'zero forex markup' credit card promises savings, but hidden charges and fluctuating exchange rates can still impact your costs. Discover what this popular travel perk truly means, when it saves you money, and if a prepaid forex card might be the smarter choice for your next adventure. ...Less

Apple Pay may launch in India this October without UPI support. The service will initially use tokenized ...More

Apple Pay may launch in India this October without UPI support. The service will initially use tokenized Visa and Mastercard credit cards. This allows iPhone and Apple Watch users contactless payment options. UPI integration is expected later due to ongoing technical discussions. Apple faces challenges adapting its global payment system to India's market. ...Less

HDFC Bank introduced two new savings accounts for specific customer groups. The Specialé Senior Citizen S ...More

HDFC Bank introduced two new savings accounts for specific customer groups. The Specialé Senior Citizen Savings Account offers security and doorstep banking services. Women can avail the SavingsMax Account with lifestyle and health benefits. ...Less

State Bank of India chairman admits missing digital payments bus, while YONO app attempts to catch up. Ba ...More

State Bank of India chairman admits missing digital payments bus, while YONO app attempts to catch up. Banks and fintech firms argue UPI merchant payments may soon incur charges. UPI processes billions of transactions monthly, with rising infrastructure and cybersecurity costs. SBI reported a 13.73% rise in consolidated net profit for the June quarter. ...Less

X is retiring its Creator Revenue Sharing programme on September 7. A new Original Content Rewards progra ...More

X is retiring its Creator Revenue Sharing programme on September 7. A new Original Content Rewards program will replace it with stricter rules. Creators must now focus on original, high-quality posts to earn money. Eligibility requires a premium subscription and significant impressions from verified users. ...Less

Sitharaman accused the opposition leader of "spreading a canard" and clarified that MDR "applies only on ...More

Sitharaman accused the opposition leader of "spreading a canard" and clarified that MDR "applies only on the merchants and not on the end users/customers," adding that the revenue would let banks and fintechs invest in infrastructure, innovation and security, benefits she said would eventually flow to all UPI users. ...Less

SBI chairman CS Setty said banks cannot separately quantify the operating costs linked to rising UPI volu ...More

SBI chairman CS Setty said banks cannot separately quantify the operating costs linked to rising UPI volumes. As debate over merchant charges intensifies, SBI is pushing customers towards Yono for UPI payments. Industry leaders back limited MDR, with proposed charges aimed at large merchants while keeping consumer and person-to-person payments free. ...Less

India's UPI policies should not be altered due to United States pressure. A think tank advises defending ...More

India's UPI policies should not be altered due to United States pressure. A think tank advises defending competition and policy autonomy for the payments ecosystem. Recent legislation allows charges on UPI and other electronic payment modes. This change follows criticism from the US Trade Representative's report. India should maintain data localization rules for national security and fraud prevention. ...Less

Parliamentary amendments propose restoring merchant discount rates on UPI payments. This move aims to enc ...More

Parliamentary amendments propose restoring merchant discount rates on UPI payments. This move aims to encourage digital transactions by allowing banks to charge fees. The Reserve Bank of India will determine these charges on person-to-merchant payments. Payment platforms could see significant revenue generation from these new charges. This development follows UPI companies' struggles to build profitable payment businesses. ...Less

The Lok Sabha approved amendments to the Payment and Settlement Systems Act. This change empowers the gov ...More

The Lok Sabha approved amendments to the Payment and Settlement Systems Act. This change empowers the government to permit charges on digital payment transactions. Currently, UPI transactions remain free for users and merchants. Banks and payment firms seek sustainable revenue models for infrastructure. The government will decide which digital payment methods may attract future charges. ...Less

Axis Bank will increase the DCC fee on its credit cards to 3.5% from 1.5%, effective August 28, 2026, acc ...More

Axis Bank will increase the DCC fee on its credit cards to 3.5% from 1.5%, effective August 28, 2026, according to the bank's revised terms and conditions. Kotak Mahindra Bank will raise the fee on debit-card transactions to 3.5% plus goods and services tax (GST), from 1% plus GST, effective August 1. ...Less

Jairam Ramesh countered Nirmala Sitharaman's claims regarding a new taxation bill. He stated government a ...More

Jairam Ramesh countered Nirmala Sitharaman's claims regarding a new taxation bill. He stated government assurances do not replace statutory safeguards for UPI. Ramesh argued that MDR charges would inevitably affect consumers and small businesses. He questioned why RBI's capacity to support UPI without charges is ignored. The bill removes zero-MDR guarantees, raising concerns about foreign platform dominance. ...Less

India has laid the legal groundwork to reintroduce merchant fees on UPI payments through proposed amendme ...More

India has laid the legal groundwork to reintroduce merchant fees on UPI payments through proposed amendments to the Payment and Settlement Systems Act. While no decision has been taken, the government is considering charging MDR only on large merchants or high-value transactions, potentially creating a ₹5,000-10,000 crore revenue pool for payment firms. ...Less

Proposed amendments to the Payment and Settlement Systems Act may bring back merchant discount rates. Thi ...More

Proposed amendments to the Payment and Settlement Systems Act may bring back merchant discount rates. This move could help banks and fintech firms recover technology and infrastructure investments. The government is considering reintroducing MDR for UPI transactions with large merchants. These fees might apply to transactions exceeding two thousand rupees. This change aims to create revenue for payment companies while minimizing disruption. ...Less

Congress criticizes a new government bill concerning digital payments. The party alleges the bill could w ...More

Congress criticizes a new government bill concerning digital payments. The party alleges the bill could weaken UPI and favor American companies. This amendment removes the statutory guarantee for free UPI transactions. The government claims financial sustainability, but Congress disputes this assertion. The bill's passage in Lok Sabha occurred amid opposition sloganeering. ...Less

India's payments law may soon allow merchant discount rates on specific UPI transactions. This change cou ...More

India's payments law may soon allow merchant discount rates on specific UPI transactions. This change could create significant revenue for payment platforms like Paytm and Pine Labs. The proposed amendment focuses on person-to-merchant payments exceeding two thousand rupees. Analysts predict a substantial revenue pool for the payments ecosystem by fiscal year twenty twenty-eight. This move aims to improve profitability for UPI companies facing processing costs. ...Less

The UPI race has so far centred on acquiring consumers and monetising them by cross-selling loans, insura ...More

The UPI race has so far centred on acquiring consumers and monetising them by cross-selling loans, insurance and investments, as there has been no direct fee income on UPI payments since 2020. A targeted merchant discount rate (MDR) will create a new revenue stream from selected merchant payments, shifting the focus towards acquiring and deepening relationships with merchants who drive higher-value purchases. ...Less

ET was the first to report on July 16 that the government could reintroduce MDR on UPI transactions for l ...More

ET was the first to report on July 16 that the government could reintroduce MDR on UPI transactions for large merchants. This has been an issue plaguing the online payments industry. Sources had told us that the Centre is likely to peg the MDR at 5-7 basis points if it is reintroduced. ...Less

CA Nitin Kaushik argues that using a debit card for everyday expenses like groceries, fuel and travel cou ...More

CA Nitin Kaushik argues that using a debit card for everyday expenses like groceries, fuel and travel could mean missing out on rewards, fraud protection and interest-free cash flow. He recommends using credit cards responsibly by paying the full bill on time, warning that unpaid balances can attract interest rates of 30% to 48% annually. According to Kaushik, debit cards are best reserved for ATM withdrawals or controlling overspending. ...Less

ET was the first to report on July 16 that the government is considering reintroducing MDR for UPI transa ...More

ET was the first to report on July 16 that the government is considering reintroducing MDR for UPI transactions undertaken by large merchants. Sources had told ET that the Centre could set the fee at 5-7 basis points if it is reintroduced. MDR is the fee charged to merchants by banks for accepting digital payments through UPI, debit cards or credit cards. UPI transactions have been exempt from MDR since January 2020 after the government made them free to encourage digital payments. ...Less

A groundbreaking bill has been introduced to boost foreign investment while fostering local manufacturing ...More

A groundbreaking bill has been introduced to boost foreign investment while fostering local manufacturing in India. By simplifying regulations for fund managers and foreign cloud enterprises, the initiative aims to attract funding. Additionally, extended tax breaks for electronics manufacturing and component storage are part of the plan. The bill also introduces fees on specific electronic payment methods, positioning India as a more appealing destination for global investors. ...Less

Government proposes changes to the Payment and Settlement Systems Act. This could allow a Merchant Discou ...More

Government proposes changes to the Payment and Settlement Systems Act. This could allow a Merchant Discount Rate on select UPI transactions. Payments above Rs 2,000 to large merchants are a possible focus. This aims to support the payment ecosystem's continued investment and growth. Everyday UPI payments and person-to-person transactions will likely remain free. ...Less

Elon Musk's X platform has launched X Money, a new financial service. This service allows users to send m ...More

Elon Musk's X platform has launched X Money, a new financial service. This service allows users to send money to each other in real-time. X Money offers a competitive six percent yield on deposits and three percent cashback. Customers must meet deposit and premium subscription requirements to earn these benefits. The company aims to integrate financial services into its broader "everything app" vision. ...Less

AI startup Sarvam will raise $75 million as part of a larger funding round. This and more in today’s ETte ...More

AI startup Sarvam will raise $75 million as part of a larger funding round. This and more in today’s ETtech Top 5. ...Less

Cyber fraud cases have nearly tripled in India since 2020. Telangana recorded the highest number of these ...More

Cyber fraud cases have nearly tripled in India since 2020. Telangana recorded the highest number of these cases in 2024. Online banking fraud led the identified categories for the year. The government has established the Indian Cyber Crime Coordination Centre. This initiative aims to tackle cyber crimes in a coordinated manner. ...Less

Assam Police's Special Task Force has arrested three alleged operatives after uncovering a terror module ...More

Assam Police's Special Task Force has arrested three alleged operatives after uncovering a terror module linked to the Pakistan-based Shahzad Bhatti Network. Investigators allege the network, operating under ISI direction, was involved in recruitment, radicalisation, espionage and sleeper-cell activities, with links to several front organisations across India. ...Less

If you are confused by personal finance terms, jargon and calculations, here’s a series to simplify and d ...More

If you are confused by personal finance terms, jargon and calculations, here’s a series to simplify and deconstruct these for you. In the 112th part of this series, Riju Mehta lists some of the popular government schemes for the lower income groups. ...Less

Supplemental Security Income on July 31: Millions of Americans receiving Supplemental Security Income wil ...More

Supplemental Security Income on July 31: Millions of Americans receiving Supplemental Security Income will get their August benefits early on Friday, July 31, instead of August. Eligible recipients include elderly individuals and people with qualifying disabilities and this early deposit is not an extra payment but an advance due to the calendar. ...Less

Banks across India will remain closed on Saturday? Reserve Bank of India guidelines mandate banks close o ...More

Banks across India will remain closed on Saturday? Reserve Bank of India guidelines mandate banks close on second and fourth Saturdays. Digital banking services will remain accessible for customers throughout the day. However, certain transactions will require a visit to a bank branch. ...Less

Kurt Kromm, a former Ford electrician, is suing the carmaker after being fired for allegedly stealing coo ...More

Kurt Kromm, a former Ford electrician, is suing the carmaker after being fired for allegedly stealing cookies. He proved his payment with bank records, which led to an offer of back wages along with his job. Ford and Aramark are reviewing issues with their self-checkout kiosks. Kromm expressed disappointment with his union's lack of support during the incident and sought to clear his name and pursue legal claims against the companies. ...Less

IndusInd Bank ordered to refund after customer loses Rs 2.3 lakh to a KYC scam: A Delhi consumer commissi ...More

IndusInd Bank ordered to refund after customer loses Rs 2.3 lakh to a KYC scam: A Delhi consumer commission has ordered IndusInd Bank to refund Rs 84,339 to an 80-year-old Dwarka resident after finding it failed to detect or stop 17 fraudulent transactions that drained Rs 2.31 lakh from her premium account in under 19 minutes. The court held that the burden of proving customer negligence lies entirely with the bank, not the victim. ...Less

The Enforcement Directorate has registered a money laundering case concerning foreign funds. Nearly ninet ...More

The Enforcement Directorate has registered a money laundering case concerning foreign funds. Nearly ninety-five crore rupees in illegal foreign funds were allegedly channeled into India. These funds were reportedly used via foreign bank cards between November 2025 and April 2026. The agency is investigating the destruction of digital evidence and foreign organization involvement. This probe follows FEMA investigation and FIRs registered by state police. ...Less

Retailers are planning a campaign to highlight how the latest revision in the charges they pay to enable ...More

Retailers are planning a campaign to highlight how the latest revision in the charges they pay to enable debit card transactions is an anticonsumer move. ...Less

The move would mark a significant shift in India’s digital payments policy, six years after the governmen ...More

The move would mark a significant shift in India’s digital payments policy, six years after the government made UPI and RuPay debit card transactions free to drive digital adoption. The levy is expected to apply only to large merchants, those with annual turnover of Rs 1-1.5 crore or more while peer-to-peer transfers and payments to small merchants will remain free. ...Less

India may reintroduce merchant discount rates for large businesses on UPI transactions. This move aims to ...More

India may reintroduce merchant discount rates for large businesses on UPI transactions. This move aims to address the financial sustainability of digital payment providers. Small merchants and transactions below a certain threshold will likely remain exempt from these charges. ...Less

Lost SBI debit card? Here's how to block it ...More

Lost SBI debit card? Here's how to block it ...Less

How to activate SBI virtual debit card ...More

How to activate SBI virtual debit card ...Less

The charge card provides consumers with a unique value proposition that brings the best of the three worl ...More

The charge card provides consumers with a unique value proposition that brings the best of the three worlds – cash, credit and debit – into a single plastic. ...Less

The bank has hiked charges on annual fee charges per annum, debit card replacement charges, debit card in ...More

The bank has hiked charges on annual fee charges per annum, debit card replacement charges, debit card inactivity fee and more. ...Less

Debit card with airport lounge access: Not many people are aware of the fact the airport lounge can also ...More

Debit card with airport lounge access: Not many people are aware of the fact the airport lounge can also be accessed without having a credit card. The banks issue debit cards to their customers with their savings bank accounts. These debit cards offer airport lounge access. Know the 12 debit cards that can get you airport lounge access. ...Less

SBI offers an EMI facility for its customers using SBI debit card in order to purchase consumer durables ...More

SBI offers an EMI facility for its customers using SBI debit card in order to purchase consumer durables from merchant stores by swiping their cards at POS or while buying online via e-commerce portals. ...Less

Himachal Pradesh State Cooperative Bank will suspend services from July 17 to July 22. This temporary clo ...More

Himachal Pradesh State Cooperative Bank will suspend services from July 17 to July 22. This temporary closure is for migrating to the Finacle Core Banking Solution. Customers will face disruptions in branch and digital banking operations during this period. The bank advises completing urgent transactions before the maintenance window begins. This upgrade aims to enhance security and improve overall customer banking experiences. ...Less

SBI has asked those customers who applied for the EMV chip-based cards and have not yet received it to vi ...More

SBI has asked those customers who applied for the EMV chip-based cards and have not yet received it to visit their home branch as soon. If you still have not got an EMV chip-based debit card, here is how you can get it. ...Less

The Bank's response came to a clarification sought by stock exchange on recent reports on debit cards blo ...More

The Bank's response came to a clarification sought by stock exchange on recent reports on debit cards blocking in the wake of suspected data breach. ...Less

Here’s how you can block your SBI debit card ...More

Here’s how you can block your SBI debit card ...Less

The fees on declined transactions persist even as the government has capped merchant discount rate. ...More

The fees on declined transactions persist even as the government has capped merchant discount rate. ...Less

With effect from July 15, 2022, India Post Payments Bank (IPPB) has introduced annual maintenance and re- ...More

With effect from July 15, 2022, India Post Payments Bank (IPPB) has introduced annual maintenance and re-issuance charges for its virtual debit cards. ...Less

The online marketplace and the leading debit card brand have launched the facility to drive process effic ...More

The online marketplace and the leading debit card brand have launched the facility to drive process efficiencies and provide hassle-free experience to shoppers, they said in a statement. ...Less