Indian Bank may consider waiving 0.28% MDR on UPI payments: CEO

Indian Bank MD and CEO Binod Kumar said the lender may consider waiving the 0.28% Merchant Discount Rate (MDR) on UPI transactions. He said the bank currently earns nothing from UPI, although the payment system has reduced manpower requirements. The government has introduced MDR on select person-to-merchant (P2M) UPI transactions above ₹2,000, starting October 15.