Supreme Court refuses to stay MDR on UPI payments above Rs 2,000; issues notice to Centre, RBI

The Supreme Court on Monday issued notices to the Centre, the Reserve Bank of India and others on a PIL challenging the decision to impose a Merchant Discount Rate (MDR) on specified UPI person-to-merchant (P2M) transactions of over Rs 2,000 from October 15.

A Bench led by Chief Justice of India Surya Kant, however, refused to stay the Centre’s decision to impose MDR on specified Unified Payments Interface (UPI) P2M transactions of over Rs 2,000.