BusinessMobile Sellers to Observe No UPI Day on October 2 Against MDR Charges
Mobile phone sellers across India will observe No UPI Day on October 2 to protest the 0.4% Merchant Discount Rate (MDR) fee imposed on UPI payments above ₹2,000 from October 15. The All India Mobile Retailers Association plans to symbolically cover QR codes with black cloth and refuse UPI payments. They demand zero MDR on UPI merchant payments to ease the financial burden on small traders. Separately, Nomura forecasts RBI may raise interest rates by 25 basis points in October-December, reaching a terminal rate of 5.75%.
Amar Business·3h ago