Entrepreneur and former BharatPe co-founder Ashneer Grover has questioned the proposed merchant fee on certain high-value UPI transactions, arguing that costs introduced into the payment ecosystem could eventually affect consumers. Grover’s remarks came after the government clarified that the proposed Merchant Discount Rate (MDR) would apply to certain merchant transactions above ₹2,000, while person-to-person UPI...
India has called on BRICS member and partner countries to strengthen economic cooperation by promoting trade in local currencies, linking payment systems and building more resilient supply chains amid growing global economic uncertainty. External Affairs Minister S. Jaishankar, addressing the BRICS Business Forum in New Delhi, said the grouping needs greater economic resilience while remaining...
Bank branches across India are closed on Saturday, August 22, 2026, as the date falls on the fourth Saturday of the month. Banks in India observe holidays on the second and fourth Saturdays every month, making August 22 a scheduled branch holiday. The closure means customers will not be able to access regular in-person services...
Unified Payments Interface (UPI) services experienced a widespread outage across India on Thursday evening, disrupting digital transactions for thousands of users and causing chaos for businesses reliant on cashless payments. This marks the fourth major UPI disruption in 2025, raising concerns about the reliability of the nation’s most widely used payment platform. The issue began...
Reserve Bank of India (RBI) Governor Sanjay Malhotra has clarified that he never stated that Unified Payments Interface (UPI) cannot remain free forever. Speaking at the post-RBI policy conference, Malhotra said, “I want to clarify that I never said UPI can’t remain free forever. There are costs, and these costs have to be paid by...