Shirish Chandra Murmu

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Last Updated: Just Now

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Banking, Fintech & Insurance 07 Oct 2026, 04:14 PM IST

RBI Deputy Governor Says UPI Merchant Fee Will Not Trigger a Cash Rebound as MDR Returns on High-Value Payments

The Reserve Bank of India’s Deputy Governor Shirish Chandra Murmu has said the reintroduction of a merchant discount rate on UPI payments above Rs 2,000 will not automatically push consumers back to cash. His comments come as policymakers prepare for the October 15 implementation of the fee structure, reviving debate over the economics of digital payments and the future of cash in India.

By RDU Global Wire5 min read

Banking, Fintech & Insurance06 Oct 2026, 04:09 AM IST

RBI Says UPI Merchant Fee From October 15 Will Not Automatically Drive Cash Usage

The Reserve Bank of India’s deputy governor has said the introduction of a merchant discount rate on UPI payments above Rs 2,000 will not necessarily trigger a shift back to cash, pushing back against concerns that pricing digital transactions could reverse India’s payments gains. He argued that cash and digital payments often expand together, with currency serving both as a medium of exchange and a store of value. The remarks come as the payments ecosystem prepares for the October 15 rollout of the fee structure, a move that could reshape merchant behaviour, especially in retail-heavy sectors such as automotive sales, EV charging, and mobility services where high-value transactions are common.

6 min readRead →

Banking, Fintech & Insurance04 Oct 2026, 03:20 PM IST

RBI Deputy Governor Says UPI Merchant Fee on High-Value Payments Will Not Trigger a Cash Surge

Reserve Bank of India Deputy Governor Shirish Chandra Murmu has said the introduction of a merchant discount rate on UPI payments above Rs 2,000 from October 15 should not be assumed to push consumers back toward cash. He argued that India’s payments landscape shows a more complex pattern, with digital transactions expanding even as cash in circulation also rises.

5 min readRead →

Banking, Fintech & InsuranceJust now (11:16 PM IST)

RBI Deputy Governor Says October 15 UPI Merchant Fee Will Not Automatically Drive Cash Use

The Reserve Bank of India’s Deputy Governor Shirish Chandra Murmu has said the introduction of a merchant discount rate on UPI payments above Rs 2,000 from October 15 should not be assumed to trigger a shift back to cash. He argued that India’s payment landscape shows digital transactions and cash circulation can expand at the same time, with cash continuing to serve both transactional and savings functions.

5 min readRead →

Banking, Fintech & InsuranceJust now (10:19 PM IST)

RBI Deputy Governor Says UPI Merchant Fee Will Not Trigger Cash Surge as MDR Returns on High-Value Payments

The Reserve Bank of India’s Deputy Governor Shirish Chandra Murmu has said the reintroduction of a Merchant Discount Rate on UPI payments above Rs 2,000 will not automatically push consumers back to cash. His remarks come as policymakers prepare for the October 15 rollout, reigniting debate over the economics of digital payments, merchant costs and the future of India’s fast-growing cashless ecosystem.

6 min readRead →

India Sports & CricketJust now (05:08 PM IST)

Greece Stun Germany 1-0 as Klopp’s Home Debut Ends in Defeat

Greece produced a landmark 1-0 victory over Germany to seize control of their group and hand the hosts a bruising defeat in Jürgen Klopp’s first home match in charge. It was Greece’s first win in 11 meetings with Germany, a result that lifts them to six points from two games and leaves Germany with just one.

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India Entertainment & CultureJust now (04:47 PM IST)

After 'Dorothy', Karthik Subbaraj Lines Up Dance-Driven Film With Upendra, Prabhu Deva and Atharvaa

Tamil filmmaker Karthik Subbaraj is preparing his next project after 'Dorothy', and the film is set to centre on a dance form while bringing together Upendra, Prabhu Deva and Atharvaa. The casting points to an ambitious pan-Indian entertainment vehicle that blends performance, movement and star power across languages and audiences.

5 min readRead →

Banking, Fintech & InsuranceJust now (01:35 AM IST)

UPI MDR Set for October 15 as RBI Deputy Governor Says Merchant Fees Will Not Automatically Drive Cash Usage

India’s payments landscape is heading into a new phase on October 15, when a merchant discount rate on UPI transactions above Rs 2,000 is set to take effect. RBI Deputy Governor Shirish Chandra Murmu said the move should not be read as a trigger for a return to cash, arguing that digital payments and cash circulation can rise at the same time for different economic reasons.

5 min readRead →

Banking, Fintech & InsuranceJust now (02:58 PM IST)

UPI MDR to Begin October 15 as RBI Says Merchant Fees Won’t Trigger Cash Surge

The Reserve Bank of India’s deputy governor has sought to calm concerns that the return of merchant discount rates on select UPI payments will push consumers back to cash. Shirish Chandra Murmu said digital payments and cash circulation have been rising in parallel, arguing that cash serves both as a transaction medium and as a store of value. The clarification comes ahead of the October 15 rollout of MDR on UPI transactions above Rs 2,000, a move that could reshape merchant economics in retail-heavy sectors, including automotive and mobility. The policy debate now centers on whether the fee will be absorbed by businesses, passed on to customers, or simply become another cost in India’s fast-expanding digital payments stack.

4 min readRead →

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Co-Occurring Entities

Entities frequently referenced alongside Shirish Chandra Murmu:

Reserve Bank of India(9)India(6)New Delhi(5)Zoho Corp(1)YourStory(1)Upendra(1)