SC refuses stay on 0.4% MDR on UPI payments above ₹2,000, seeks Centre, RBI's response

The Supreme Court has refused to grant an interim stay on the government's decision to impose a 0.4% merchant discount rate (MDR) on specified UPI person-to-merchant transactions above ₹2,000. The court issued notices to the Centre, RBI and NPCI, seeking their responses to the plea opposing the fee. The policy is set to take effect on October 15.