📷 Image: Wikimedia Commons / Jeffrey Zeldman from Manhattan, USA
Business
NSE CEO Clarifies UPI MDR Issue: Not a Government Matter
✍️ newsable.asianetnews.com
🗓 26 Sep 2026, 09:17 PM
👁 14
The National Stock Exchange chief said there has been no discussion with the government regarding the UPI merchant discount rate, stating it is a matter for brokers.
The National Stock Exchange (NSE) chief executive officer announced that there has been no dialogue with the government about the UPI merchant discount rate (MDR). The CEO clarified that the MDR is a commercial arrangement handled by brokers, not a policy issue for the state.
The statement was made amid speculation that regulators might intervene in UPI fee structures. NSE’s spokesperson emphasized that the fee is negotiated between banks and payment service providers, and the government has no direct role in setting it.
The CEO made the remarks during a press briefing, underscoring that the UPI MDR remains a private sector matter. He added that any changes would come from market participants rather than governmental directives.
The clarification may influence expectations of merchants and financial institutions, signaling that regulatory oversight of UPI fees is limited and that brokers will continue to manage the pricing framework.
The statement was made amid speculation that regulators might intervene in UPI fee structures. NSE’s spokesperson emphasized that the fee is negotiated between banks and payment service providers, and the government has no direct role in setting it.
The CEO made the remarks during a press briefing, underscoring that the UPI MDR remains a private sector matter. He added that any changes would come from market participants rather than governmental directives.
The clarification may influence expectations of merchants and financial institutions, signaling that regulatory oversight of UPI fees is limited and that brokers will continue to manage the pricing framework.