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India has announced a new framework for UPI merchant discount rates (MDR), but the official material reviewed does not confirm that its rollout was delayed or provide a revised start date. Separately, the government has approved a first ₹7,131 crore cohort for the Research, Development and Innovation (RDI) Fund.
What the UPI MDR framework actually says
The Ministry of Finance’s 15 September 2026 release separates UPI payments into person-to-person (P2P) and person-to-merchant (P2M) transactions. P2P transfers remain free regardless of the amount. P2M payments up to ₹2,000, along with transactions covered by the government’s zero-MDR framework for small merchants, also remain free.
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| Payment category | Condition | Announced MDR treatment |
|---|---|---|
| P2P UPI | Any amount | Free |
| P2M UPI | Up to ₹2,000 | Free |
| Small-merchant zero-MDR transactions | Eligible transactions under the zero-MDR framework | Free |
| Specified P2M transactions | Above ₹2,000 | 0.4% MDR, subject to category rules |
| Specified P2M transactions | ₹75,000 and above | 0.4% MDR capped at ₹300 |
| Qualifying essential and thin-margin sectors | Above ₹2,000 | Flat ₹5 MDR |
| Capital-market transactions | Specified transactions | 0.02% MDR capped at ₹300 |
These are the rates and protections announced by the Ministry of Finance; the release does not establish when the framework becomes operational.
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Who pays and who receives MDR
The ministry describes MDR as a merchant-ecosystem charge distributed among payment participants, not a tax or a government collection. In its words: “MDR is neither a tax nor a charge collected by the Government or NPCI.” Customers are not to pay MDR. Banks have been advised to prevent merchants from passing the charge on to customers, and UPI application providers are prohibited from adding platform fees or hidden charges.
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How many transactions may be affected
The ministry estimates that approximately 96% of merchant transactions will remain unaffected and about 4% will attract MDR. That is a government estimate, not an independently measured transaction study. It also states that P2P payments represent 70% of total UPI transaction value; this, too, is a ministry-stated figure.
Has the UPI MDR rollout been delayed?
There is no official confirmation of a delay in the materials available as of 13 October 2026. The Department of Financial Services’ updates page lists the 15 September UPI MDR release and its FAQ, but the index does not announce a postponement or a replacement implementation date.
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Social-media posts have claimed that a proposed 15 October start was moved until after Diwali. Those posts are not authoritative evidence, and the official releases reviewed do not confirm either date. The accurate position is therefore that the framework has been announced, while its effective date and any delay remain unverified.
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On 12 October 2026, the Ministry of Science & Technology announced that the Empowered Group of Secretaries (EGoS) had approved 19 second-level fund managers. The approval meeting took place on 8 October, and the managers received an aggregate Research, Development and Innovation Fund (RDIF) commitment of ₹7,131 crore.
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| Approved cohort | Number | Aggregate commitment |
|---|---|---|
| Alternative Investment Funds (AIFs) | 14 | ₹7,131 crore |
| Focused Research Organisations (FROs) | 5 | |
| Total second-level managers | 19 | ₹7,131 crore |
The RDIF is a ₹1 lakh crore government initiative running over six years. Its purpose is to catalyse private-sector research and innovation by routing capital through approved managers to eligible technology enterprises. The scheme overview allocates ₹20,000 crore for financial year 2025–26.
How the fund is intended to work
Approved managers are expected to channel money to technology enterprises undertaking research and development or innovation at technology-readiness level (TRL) 4 or above. They are also expected to mobilise private capital equivalent to the RDIF contribution. The cohort announcement describes the broad channel and matching expectation; individual investments remain governed by the scheme’s approved terms and applicable guidelines.
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The scheme was approved by the Union Cabinet on 1 July 2025 and launched on 3 November 2025, according to the RDIF site. Its stated priority areas include energy security and transition, climate action, quantum technologies, robotics, artificial intelligence, biotechnology, health, space and the digital economy. The programme is also intended to support startups and private enterprises, finance transformative projects at TRL 4 or above, acquire critical technologies and facilitate a deep-tech fund of funds.
Managers in the approved first cohort
The government’s approved list names these 14 AIF managers:
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- Speciale Invest Growth Fund
- YourNest Capital Advisors
- Sixth Sense Ventures
- Chiratae Ventures
- Kalaari Capital Partners India
- Celesta India AIF Managers
- AdvantEdge Investment Managers
- IvyCap Ventures Advisors
- Ideaspring Capital Fund
- Blume Ventures Investment Manager
- TVS Capital Funds
- AMA Capital Advisors
- Translation Endeavors
- Campus
The five approved Focused Research Organisations are ARTPARK at IISc Bengaluru, C-CAMP Bengaluru, IIT Madras Research Park, PIEDS at BITS Pilani and SINE at IIT Bombay.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is known about implementation issues
The ₹7,131 crore figure and the 19-manager cohort come from the government announcement. Separate reporting has focused on the fund’s application process: Moneycontrol described a backlog and pause involving Technology Development Board applications, while an Indian Express report dated 30 September said the board had paused new invitations and that funding and administrative constraints affected the process. Those accounts should be treated as attributed reporting, not as a change to the government’s approved commitment.
For applicants and managers, approval of the first cohort does not guarantee an individual investment. Projects must meet the scheme’s eligibility and TRL requirements, and disbursements remain subject to the approved terms and guidelines.
Bottom line for readers
The UPI announcement sets out who is protected from MDR and the rates that may apply to specified higher-value merchant payments, but it does not verify a delayed launch or publish a new date. The RDI figure is confirmed: 19 approved managers, comprising 14 AIFs and five FROs, have received a combined ₹7,131 crore commitment within the government’s six-year, ₹1 lakh crore innovation programme.
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