Nirmala Sitharaman rebuts Jairam Ramesh over UPI Bill, says MDR will not apply to customers

Nirmala Sitharaman Rebuts Jairam Ramesh Over Upi Bill Says Mdr Will Not Apply To CustomersNirmala Sitharaman rebuts Jairam Ramesh over UPI Bill, says MDR will not apply to customersFinance Minister Nirmala Sitharaman rejected Congress leader Jairam Ramesh's criticism of the UPI amendment Bill, saying Merchant Discount Rate applies only to merchants. Responding to Ramesh’s allegations, FM Sitharaman clarified that Merchant Discount Rate (MDR) applies only to merchants and not to end users or customers. The minister said the move would enable banks and fintech companies to invest more in infrastructure, innovation and security, with all UPI users ultimately benefiting from these investments. “Before spreading a canard, Jairam Ramesh, please consider this:1. The Congress leader also rejected the government’s argument that charging MDR is necessary to make UPI financially sustainable.