UPI fee decision mutually agreed upon by banks, QR providers: Sitharaman

Reacting to the recent backlash over Merchant Discount Rate (MDR) on UPI payments above ₹2,000, Union Finance Minister Nirmala Sitharaman said funds collected from this will not go into government's treasury. She said, "This is a decision mutually agreed upon by...banks providing Point-of-Sale machines, QR service providers, and collecting banks." She further ruled out any burden on consumers.