UPI MDR row: SC refuses interim stay on the levy; asks Centre, RBI to file counter affidavits within 4 weeks
AI Summary
The Supreme Court's decision to not grant an interim stay on the MDR for UPI transactions over ₹2,000 signals a significant shift in India's digital payment landscape. For retail investors, this could impact fintech companies and payment processors, as they may need to adapt to the new fee structure which could affect transaction volumes and user behavior. Investors should monitor how this change influences consumer adoption of UPI and the competitive dynamics among payment platforms in the coming months.
The Supreme Court on Monday refused to grant an interim stay on the central government's decision to impose Merchant Discount Rate (MDR) on specified UPI transactions above ₹2,000, PTI reported.
A bench comprising Chief Justice of India Surya Kant and Justices Joymalya Bagchi and V Mohana, however, agreed to hear the public interest litigation (PIL) challenging the levy. It also directed the Centre, the Reserve Bank of India (RBI) and others to file their counter affidavits within four weeks.
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