NPCI has pushed the planned merchant discount rate (MDR) on select UPI merchant payments from October 15 to immediately after Diwali, with the exact start date still to be notified. Separately, the Government of India approved 19 managers for the first cohort of its Research, Development and Innovation (RDI) Fund, committing ₹7,131 crore to the group. Chiratae Ventures, Kalaari Capital Partners India and Blume Ventures are among the named managers.
UPI MDR: what changed and when it may start
On October 13, 2026, NPCI’s UPI and Services Steering Committee deferred the planned MDR on select person-to-merchant (P2M) UPI transactions. The levy had been scheduled to begin on October 15. NPCI said it would take effect immediately after Diwali on a date to be notified separately; it has not confirmed a specific date in the announcement reported by Moneycontrol and Business Standard. Do not treat earlier reports of a possible January 2027 start as confirmed.
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NPCI cited the festive season. Its statement, reproduced by Moneycontrol, said the committee had decided that “MDR on select Person-to-Merchant (P2M) UPI transactions shall be implemented immediately post Diwali on a date to be notified separately.” The deferral changes the timing; contemporaneous reporting says the proposed fee structure remains unchanged.
Which UPI transactions are covered by the reported proposal?
The reported proposal concerns eligible bank-account-to-merchant UPI payments, not every UPI transaction. As reported by Business Standard, the proposed rate and thresholds are:
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| Reported transaction treatment | Proposed MDR |
|---|---|
| Eligible bank-account-to-merchant UPI transaction above ₹2,000 | 0.40% (40 basis points), capped at ₹300 per transaction |
| Some categories, including bill payments, fuel and education | Reported flat fee of ₹5 |
The ₹5 category treatment and other implementation details should be checked against updated NPCI guidance when it is issued; the date and detailed arrangements remained subject to later notification. The contemporaneous coverage does not establish that the fee applies to person-to-person payments or to every merchant payment.
What the percentage means in rupees
At the proposed 0.40% rate, the MDR would be ₹8 on a ₹2,000 transaction and ₹40 on a ₹10,000 transaction, before applying the ₹300 cap. These are examples of the proposed merchant fee, not a new direct charge to the customer. MDR is paid by merchants to the bank and payment company processing the digital transaction.
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The Economic Times reported that more than 95% of UPI merchant transactions by volume were expected to remain free under the proposed framework. That figure is an expectation attributed to the proposal, not an independently verified or audited official transaction statistic.
RDI Fund: the first cohort of managers
The Government of India announced that 19 Second Level Fund Managers (SLFMs) were approved for the RDI Fund’s first cohort: 14 alternative investment funds (AIFs) and five focused research organisations (FROs). The Empowered Group of Secretaries approved the cohort at its October 8, 2026 meeting. The government’s October 12 announcement puts the total commitment to this cohort at ₹7,131 crore, within the RDI Scheme’s ₹1 lakh crore corpus.
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Chiratae Ventures, Kalaari Capital Partners India, Blume Ventures and Speciale Invest are among the managers identified in contemporaneous reporting by Moneycontrol. The ₹7,131 crore is a commitment to the selected cohort, not a report that the full amount has already been disbursed or invested in startups.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How the RDI Fund is intended to work
The government says the selected managers will channel capital to eligible technology enterprises undertaking research, development and innovation at Technology Readiness Level (TRL) 4 or above. They are expected to mobilise private capital equivalent to the RDIF contribution. The government’s announcement also says applications will continue to be invited and further cohorts onboarded, so this is the first group rather than a final list of all potential managers.
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- VERSATILE COUNTERTOP PLACEMENT: Ideal for checkout counters, front desks, market booths, salon stations, reception areas, service counters, and point-of-sale locations.
- CLEAN INTEGRATED STAND DESIGN: Features rounded corners, a slim upright panel, and a stable bent base for a professional countertop presentation.
The structure matters: the approved commitment is directed through fund managers, and the expectation of additional private capital is distinct from the government contribution. It should not be read as a grant paid directly to the named firms or as evidence that a particular startup has received funding.
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What readers should watch next
- For UPI MDR, the practical trigger is NPCI’s separate notification of the post-Diwali implementation date and transaction-level details.
- For the RDI Fund, the government says additional managers may be onboarded in future cohorts; the first-cohort commitment does not by itself disclose individual allocations or investments in startups.
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