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Finance Minister Nirmala Sitharaman has moved to quell confusion over the Merchant Discount Rate on certain UPI transactions, saying the charge will not be passed on to consumers. She stressed that the levy is borne by merchants, is not a tax or surcharge, and applies only to select payments above Rs 2,000 at a rate of 0.4%.
The Finance Ministry will meet heads of banks on Tuesday to assess the pace and reach of India’s financial inclusion agenda, with a particular focus on flagship schemes such as Jan Dhan, Mudra, and key social security programmes. The review is expected to examine how effectively banks are expanding access to savings, credit, insurance, and entrepreneurship support across underserved segments.
Finance Minister Nirmala Sitharaman has clarified that the Merchant Discount Rate on select UPI transactions above Rs 2,000 is a merchant-side cost and will not be passed on to consumers. She said the levy is not a tax, cess or surcharge, pushing back against growing confusion over the policy’s impact on digital payments.
The finance ministry will meet heads of banks on Tuesday to assess the progress of India’s financial inclusion agenda, with a sharp focus on flagship schemes such as Jan Dhan, Mudra, and social security-linked insurance programmes. The review comes as policymakers continue to push for deeper formalisation of household finance, wider credit access for small borrowers, and stronger coverage for vulnerable groups.
Finance Minister Nirmala Sitharaman has moved to calm confusion over the Merchant Discount Rate on select UPI transactions, saying the charge will not be passed on to consumers. She said the levy is borne by merchants, not the government, and stressed that it is neither a tax nor a surcharge. The clarification comes as digital payments continue to expand rapidly across India’s retail and mobility ecosystem.
The Finance Ministry will meet heads of banks on Tuesday to review the progress of India’s financial inclusion programmes, according to people familiar with the matter. The discussion is expected to focus on flagship schemes such as Jan Dhan, Mudra, Jeevan Jyoti Bima, Suraksha Bima and StandUp India, all of which remain central to the government’s effort to widen access to formal finance.
The Finance Ministry will meet heads of banks on Tuesday to review the progress of India’s financial inclusion agenda, with a focus on flagship schemes such as Jan Dhan, Mudra, and government-backed insurance programmes. The review comes as policymakers seek to deepen formal financial access, strengthen last-mile delivery, and ensure that benefits are translating into meaningful credit, savings, and protection for low-income households and small businesses.
Finance Minister Nirmala Sitharaman has moved to calm concerns over the merchant discount rate, or MDR, on certain UPI transactions above Rs 2,000, saying the charge will not be passed on to consumers. She stressed that the fee is borne by merchants, not the government, and is neither a tax nor a cess. The clarification comes amid heightened sensitivity around digital payments costs and their possible spillover into retail pricing.
Finance Minister Nirmala Sitharaman has moved to clarify confusion over the Merchant Discount Rate on higher-value UPI payments, saying the charge is borne by merchants and will not be transferred to consumers. She stressed that the levy is not a tax, cess or surcharge, but a payment-processing cost applied only to certain transactions above Rs 2,000.
Finance Minister Nirmala Sitharaman has moved to calm confusion over the Merchant Discount Rate on certain UPI transactions, saying the charge is borne by merchants and will not be passed on to consumers. She stressed that the levy is neither a tax nor a surcharge, but a payment-processing fee applied to a limited set of transactions above Rs 2,000.
Telugu superstar Jr. NTR has strongly denounced an AI-generated morphed video that used footage from the song 'Chuttamalle' from 'Devara' and altered it to feature Janhvi Kapoor in a misleading manner. The actor said the clip was unacceptable and indicated that legal action would follow, underscoring growing concerns in Indian entertainment over deepfakes, consent, and digital misuse.
Axis Bank is preparing to significantly expand its lending to India’s data centre sector, with exposure projected to double from Rs 8,688 crore over the next three years, according to the latest market context. The move reflects a broader banking shift toward financing the infrastructure underpinning artificial intelligence, cloud computing and digital services, even as lenders weigh concentration risk, long project tenors and execution challenges.
Tamil Nadu’s ruling establishment has signalled continued support for the family of Kavin, whose case has drawn public attention and renewed scrutiny over justice delivery and social accountability. Vanni Arasu said the government would remain with the family until justice is secured, underscoring the political sensitivity of the matter and the pressure on authorities to ensure a credible legal process.
Asset-backed borrowing is emerging as a more visible feature of India’s credit ecosystem, with gold-backed loans leading the shift as households and small businesses seek quick liquidity without liquidating assets. Digital lending platforms are widening access and improving transparency, underscoring a broader change in how borrowers manage short-term funding needs in a tighter, more disciplined credit environment.
India’s digital lending sector posted a sharp 28% rise in personal-loan portfolios over the past year, even as the number of outstanding loan accounts edged down to 5.64 crore. The data points to a clear shift toward larger ticket sizes, with new loan sanctions surging 50% and younger borrowers, along with customers with thin credit histories, driving much of the growth.
Finance Minister Nirmala Sitharaman has moved to calm concerns over the Merchant Discount Rate on higher-value UPI payments, saying the charge is borne by merchants and will not be transferred to consumers. She stressed that the levy is not a tax, cess or surcharge, but a transaction fee applied in limited cases at a rate of 0.4% on certain UPI payments above Rs 2,000.
Finance Minister Nirmala Sitharaman has moved to quell confusion over the Merchant Discount Rate on select UPI transactions, saying the charge will not be passed on to consumers. She stressed that the levy is borne by merchants, not the government, and is neither a tax nor a cess nor a surcharge. The clarification comes as digital payments continue to expand across retail, mobility and everyday commerce in India.
Finance Minister Nirmala Sitharaman has dismissed concerns that the Merchant Discount Rate on select UPI transactions will be passed on to consumers, saying the charge is borne by merchants and not the government. She also stressed that the levy is not a tax, cess or surcharge, but a payment-processing cost applied only to certain transactions above Rs 2,000.
Indian banks are expected to put additional liquidity from FCNR(B) deposits to work in the coming months as festive-season credit demand strengthens, Reserve Bank Deputy Governor Rohit Jain said. He indicated that the central bank will not direct lenders toward specific sectors, leaving banks to allocate funds based on viable credit proposals across the economy.
India’s digital lenders have posted a 28% jump in personal-loan portfolios over the past year, even as the number of outstanding accounts edged down to 5.64 crore. The data points to a market increasingly driven by larger ticket sizes, stronger demand for unsecured credit and a growing contribution from younger borrowers and customers with thin credit files.
India’s Neeru and Kynan delivered a composed late surge to win the trap mixed team gold at the Asian Games 2026, finishing with 34 in the final after entering the medal round from fourth place in qualification. Qatar’s Mohammed Al-Rumaihi and Ray Bassil secured silver with 32, underlining the tight margins that defined the contest.
India’s gross Goods and Services Tax collections climbed 14.7% year-on-year in September to more than ₹2.03 lakh crore, underscoring resilient tax buoyancy despite uneven demand conditions. Domestic activity contributed about ₹1.38 lakh crore, while import-linked revenues surged 26% to ₹65,525 crore, pointing to firm trade flows and stronger compliance.
Finance Minister Nirmala Sitharaman has dismissed concerns that the Merchant Discount Rate on certain UPI transactions above Rs 2,000 will be passed on to consumers. She said the levy is borne by merchants, not the government, and stressed that it is neither a tax nor a surcharge. The clarification comes amid renewed scrutiny of digital payments costs and their potential impact on retail adoption.
Kalyanapuram S. Aravind delivered a recital marked by discipline, balance, and interpretive clarity, moving from Dikshitar’s Kamboji kriti to a ragamalika virutham with measured assurance. The performance stood out for the ease with which it conveyed complex musical ideas without sacrificing emotional depth or structural precision.
The Finance Ministry does not expect a meaningful shift back to cash after the proposed merchant discount rate on a limited set of UPI transactions, according to sources. Officials believe the impact will be confined to a small share of total UPI volume, while free RuPay debit card transactions and close monitoring should help prevent any pass-through of costs to consumers.
Credit card spending in India declined 2.8% month-on-month in August to ₹2.02 lakh crore, down from ₹2.08 lakh crore in July, even as year-on-year spending remained 5.9% higher. The moderation came alongside a slowdown in new card issuance, with banks adding 1.19 million cards during the month, 5.6% fewer than in July.
Nearly 21% of India’s under-construction battery energy storage system capacity, or about 12 GWh, faces weak return potential because of elevated battery prices, according to Crisil Ratings. The pressure could push back commissioning timelines for some projects even as storage remains central to grid reliability and renewable integration.
Director Vimal Krishna’s sophomore feature, ‘Anumana Pakshi,’ arrives with the promise of a sharp, offbeat crime comedy but struggles to convert its premise into sustained payoff. While the film shares tonal DNA with his debut ‘DJ Tillu’ and benefits from a capable cast led by Rag Mayur, it is weighed down by cluttered writing, uneven pacing and an exhausting narrative design.
Finance Minister Nirmala Sitharaman held a series of bilateral meetings with representatives from Saudi Arabia, Switzerland and other countries on the sidelines of official engagements in New Delhi, underscoring India’s effort to deepen economic partnerships at a time of global uncertainty. The discussions come as Switzerland signals strong interest in India as a destination for portfolio diversification and long-term investment, according to the Swiss ambassador.
Finance Minister Nirmala Sitharaman held a series of bilateral meetings with representatives from Saudi Arabia, Switzerland and other countries on the sidelines of official engagements, underscoring New Delhi’s push to deepen economic ties and attract long-term capital. The discussions come as Switzerland signals strong interest in India as a destination for portfolio diversification and investment, according to the Swiss ambassador.
Finance Minister Nirmala Sitharaman held discussions with Jordan’s minister on expanding cooperation in trade, fertilisers and broader investment ties, underscoring India’s push to deepen economic engagement with strategically important partners. The talks covered multiple sectors, signalling interest in building a more durable commercial relationship beyond traditional bilateral exchanges.
Finance Minister Nirmala Sitharaman has sought to calm confusion over the Merchant Discount Rate on certain UPI transactions, saying the charge is borne by merchants and will not be transferred to consumers. She also stressed that the levy is not a tax, cess or surcharge, but a payment-processing cost applicable only in limited cases above Rs 2,000.
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