What happened
Congress attacked the UPI MDR revision and accused PM Modi of redefining NOTA through Trump-style appeasement politics
Congress on Thursday hit out at the government's UPI Merchant Discount Rate revision, accusing PM Modi of redefining the 'None of the Above' option through ongoing Trump-style appeasement politics that favor corporate lobbies over digital payment users.
The revised MDR — 0.4% on P2M UPI transactions above ₹2,000, with a ₹300 cap at ₹75,000 and above — takes effect 15 October 2026. Congress leader Ramesh countered that over 95% of P2M volume remains free, but the ₹20,000 Cr annual cost burden now shifts to consumers. The Ministry of Finance defended the move as essential for sustainable UPI ecosystem growth.
The Opposition framed the decision as part of a broader pattern: PM's repeated deference to Trump-era trade dynamics, now extended to domestic fintech policy. With NPCI's FAQ and PIB statement both backing the revision, Congress demanded a parliamentary debate on whether digital payment users are subsidizing corporate transaction convenience.
Timeline
- 16 Sep 2026 — Congress attacks UPI MDR move
Background
- NPCI MDR revision approved; PIB issued official statement backing the change
Why it matters for me
P2M UPI users above ₹2,000 threshold face 0.4% MDR; ₹20,000 Cr annual cost shifts to consumers
Money
General Public
P2M UPI transactions above ₹2,000 now incur 0.4% MDR with ₹300 cap at ≥₹75,000
Daily Life
Digital Payment Users
Over 95% of P2M volume stays free; cost burden shifts to users above threshold
Work
Merchants
Merchants face revised MDR structure effective 15 Oct 2026
What to remember
PM's Trump appeasement now extended to fintech — Congress demands parliamentary debate on UPI cost burden
Congress says PM redefined NOTA via Trump appeasement; UPI MDR revision hits P2M users from 15 Oct
Verified sources (5)
PM has redefined NOTA — Narendra's Ongoing Trump Appeasement: Congress after UPI move
↗PRID 2310586 — Ministry of Finance UPI MDR statement
↗NPCI MDR FAQ PDF
↗Congress reacts to UPI MDR revision
↗UPI MDR change: Congress demands parliamentary debate
↗Claims and linked sources
5 claimsCongress says PM has redefined NOTA through ongoing Trump appeasement politics
0.4% MDR on P2M UPI transactions above ₹2,000; ₹300 cap at ≥₹75,000
Effective 15 October 2026
Over 95% of P2M volume stays free; ≈₹20,000 Cr annual UPI cost per Ramesh
Ministry of Finance defended the MDR revision as necessary for sustainable UPI growth
Community signals
Signal-only · not reporting“PM has redefined NOTA — Narendra's Ongoing Trump Appeasement”