India’s Ministry of Finance has described a merchant discount rate (MDR) for some UPI payments to merchants above ₹2,000, but the official material available does not confirm that the charge is deferred until after Diwali or state when it will begin. The framework is limited: person-to-person transfers remain free, as do merchant payments up to ₹2,000, and the stated MDR is a charge on merchants—not a UPI fee for consumers.
Does the official notice confirm a post-Diwali start?
No. The Department of Financial Services lists an FAQ dated 15 September 2026, and a Ministry of Finance statement dated the same day sets out MDR rates, transaction categories and exemptions. The accessible official text does not say the MDR is deferred until after Diwali and does not give an effective date. The often-reported date of 15 October 2026 is not established by the official text available here.
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The NPCI circular index is the relevant official repository, but its circular contents are not available in the material that can be checked here. Treat the timing claim as unconfirmed unless the complete FAQ or circular explicitly verifies it. The policy details below describe what the Ministry’s 15 September statement says; they do not establish when those terms take effect.
Which UPI payments does the stated MDR cover?
The framework described by the Ministry applies to specified person-to-merchant (P2M) transactions above ₹2,000. It does not apply to every UPI transfer.
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| Payment type or category | Treatment described by the Ministry |
|---|---|
| Person-to-person (P2P), any amount | Free |
| P2M payment up to ₹2,000 | Zero MDR |
| Specified P2M payment above ₹2,000 | Generally 0.4% MDR, subject to the cap and category-specific rates below |
| Qualifying small merchant in the P2PM category | Zero MDR; includes street vendors receiving up to ₹1 lakh per month through UPI QR codes |
The Ministry estimates that about 96% of P2M transactions will remain unaffected. That is the Ministry’s estimate, not an independently verified transaction count. The announcement does not mean that every payment over ₹2,000 incurs the standard rate: transaction type, merchant classification and sector matter.
What are the rates, caps and sector exceptions?
For specified P2M transactions above ₹2,000, the Ministry gives a general rate of 0.4%. It says the MDR is capped at ₹300 for transactions of ₹75,000 and above. The statement also describes lower or flat rates for certain categories:
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- Specified essential and thin-margin sectors: Flat ₹5 MDR on qualifying transactions above ₹2,000. The named sectors include railways, telecommunications, insurance, fuel and agricultural inputs.
- Capital-market transactions: 0.02% for transactions involving mutual funds, securities, stockbrokers and dealers, capped at ₹300.
The Ministry’s statement does not provide enough detail here to calculate the exact fee for every transaction or merchant arrangement. In particular, do not apply the general 0.4% rate to a payment in a named special category without checking which classification governs it.
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The Ministry describes MDR as a merchant-side payment-ecosystem charge, not a fee collected from consumers. It says banks have been advised to ensure merchants do not pass the charge on to customers, and that UPI app providers are prohibited from adding platform or hidden charges. The Ministry’s earlier 8 August 2026 release likewise said consumers would not face UPI transaction charges and that P2P payments would remain free.
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Those are the government’s stated protections. They should not be misread as proof that the framework has already taken effect, nor as confirmation of an implementation date.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What to check before relying on a start date
- Look for the full Department of Financial Services FAQ dated 15 September 2026, rather than relying only on its landing-page metadata.
- Check the applicable NPCI circular for an explicit effective date and the operational rules for payment providers and merchants.
- Confirm that any reported rate applies to the transaction direction, amount, merchant category and sector in question.
The scale of UPI helps explain why a policy change attracts attention: the Ministry reported 2,366 crore transactions worth ₹29.9 lakh crore in July 2026. That figure is from the Ministry’s 8 August release and is a snapshot for that month, not a measure of how many transactions the proposed MDR would affect.
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Official sources
- Ministry of Finance release, 8 August 2026
- Department of Financial Services FAQ landing page, 15 September 2026
- Ministry of Finance statement on UPI MDR, 15 September 2026
- NPCI UPI circular index
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