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Finance Ministry bars charges on UPI payments up to Rs 2,000 and RuPay debit.
15 Sep 2026
Timeline
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Economy
Finance Ministry bars charges on UPI payments up to Rs 2,000 and RuPay debit12
A Finance Ministry notification under Section 10A of the Payment and Settlement Systems Act bars charges on UPI transactions up to Rs 2,000 and on RuPay debit card transactions; P2P UPI stays free.
- Notification dated 14 September 2026 per one report, covered 15 September
- Section 10A inserted by the Taxation and Other Laws Amendment Act in the 2026 Monsoon Session
- Transactions above Rs 2,000 are not covered; any MDR there would be threshold-based
- One outlet gives the notification number as S.O. 5067(E)
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Economy
Global Fintech Fest 2026 held in Mumbai, inaugurated by PM Modi345
PM Modi inaugurated the seventh Global Fintech Fest at Jio World Centre, Mumbai on 8 September 2026; the event ran 8 to 11 September under the theme Potential to Impact: Agentic AI, Tokenisation, Quantum.
- 8 to 11 September 2026; Modi inaugurated on 8 September
- Organisers: Payments Council of India, NPCI and Fintech Convergence Council
- Theme: Potential to Impact: Agentic AI, Tokenisation, Quantum
- Modi marked ten years of UPI and urged stronger cybersecurity
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Legislation
Lok Sabha passes Taxation and Other Laws bill with enabling clause on payment charges678
The Lok Sabha passed the Taxation and Other Laws (Amendment) Bill 2026 on 6 August 2026 by voice vote without debate; it amends Section 10A of the Payment and Settlement Systems Act 2007, letting the Centre notify electronic payment modes on which charges may be barred, reopening the door to MDR on UPI.
- Passed in Lok Sabha 6 August 2026 by voice vote amid protests
- Amends s 10A of the Payment and Settlement Systems Act 2007
- Replaces reference to modes under Income-tax Act s 269SU with modes notified by the Centre
- FM Sitharaman: any MDR would apply to merchants, not users; UPI steering committee yet to decide
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