Small MDR fee unlikely to dent UPI volumes, says RBI Governor Sanjay Malhotra

A small merchant discount rate (MDR) on UPI transactions is unlikely to have a major impact on transaction volumes, Reserve Bank of India Governor Sanjay Malhotra said on Wednesday, asserting that the central bank has so far seen no decline in volumes.

“As of now, we do not see any drop in volumes. And I don’t personally think that a small fee will have a major impact on the volumes,” Malhotra told reporters at the RBI headquarters.