No changes in zero MDR policy, no refunds for fintech companies: FM

The government will not change its policy revoking Merchant Discount Rates (MDR) on payments via UPI and RuPay, Finance Minister Nirmala Sitharaman told digital payment companies. Neither would fintech companies and banks be compensated for lost charges, Sitharaman said, adding the amount saved by banks in handling less cash would be used to partner with fintech companies to acquire merchants.