The Hindu Editorial • September 18, 2026 • Read Original

A fear of political fallout has led to an overly complex MDR structure on UPI

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The Hindu Read Original

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Analysis of editorial from The Hindu newspaper on September 18, 2026

Complex priorities: On UPI transactions, MDR charges

A fear of political fallout has led to an overly complex MDR structure on UPI

Economy UPI TransactionsMerchant Discount RateMDR ChargesDigital PaymentsNPCIBanking Regulation

Sentences

Sentence 1 of 25

English Original

The Merchant Discount Rate (MDR) charges announced for UPI transactions show how political considerations can dilute economic benefits.

Sentence Breakdown

Part 1

The (MDR) charges announced for transactions

The newly introduced fees that merchants must pay to banks for accepting UPI payments

Part 2

show how political considerations can economic benefits.

Demonstrate how worrying about public or political reactions can reduce the positive financial impact of a policy

Context and Background

UPI and Merchant Discount Rate (MDR) Policy

The Indian government had previously enforced a zero-MDR regime on UPI and RuPay debit cards from January 1, 2020, to foster digital adoption. To sustain payment infrastructure and cybersecurity costs, NPCI announced a revised MDR framework effective October 15, 2026, reintroducing merchant charges on certain high-value transactions.

Sentence 2 of 25

English Original

In a quest to preempt political attacks, the rate structure announced by the National Payments Corporation of India has been made overly complex.

Sentence Breakdown

Part 1

In a to political attacks,

In an effort to prevent or avoid criticism from political opponents before it happens

Part 2

the rate structure announced by the National Payments Corporation of India

The schedule of fee percentages released by India’s retail payments regulatory body

Part 3

has been made complex.

Has been designed in an excessively complicated and confusing manner

Context and Background

National Payments Corporation of India (NPCI)

The National Payments Corporation of India (NPCI) is an umbrella organisation founded in 2008 by the Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the Payment and Settlement Systems Act, 2007. It manages retail payment systems across India, including UPI, IMPS, RuPay, and NETC FASTag.

Sentence 3 of 25

English Original

From October 15, the new rates will apply only to UPI payments of ₹2,000 or more made at merchants.

Sentence Breakdown

Part 1

From October 15,

Starting on October 15, 2026

Part 2

the new rates will apply

The updated fee percentages will come into effect

Part 3

only to UPI payments of ₹2,000 or more made at merchants.

Exclusively for business purchases worth ₹2,000 or higher, keeping smaller payments fee-free

Context and Background

₹2,000 Threshold for P2M Payments

Under the NPCI guidelines effective October 15, 2026, Person-to-Merchant (P2M) transactions below ₹2,000 remain completely free of MDR charges. All Person-to-Person (P2P) transfers between family or friends also continue to incur zero charges regardless of the transaction amount.

Sentence 4 of 25

English Original

As such, the charge is limited to only about 2.5% of all UPI transactions, which is a welcome limitation.

Sentence Breakdown

Part 1

Because of this specific condition

Part 2

the charge is limited to only about 2.5% of all UPI transactions,

The new fee applies to a tiny portion, roughly 2.5 percent, of all transactions on UPI

Part 3

which is a welcome .

Which is a positive and pleasing restriction that protects the vast majority of users

Context and Background

UPI Transaction Volume Distribution

Data from NPCI indicates that the vast majority of UPI transaction volume in India comprises micro and small-value payments (such as daily grocery and tea stall purchases) and person-to-person transfers under ₹2,000. Consequently, roughly 97.5% of total UPI transaction volume remains completely unaffected by MDR charges.

Sentence 5 of 25

English Original

Yet, within this, the rules have created different gradations.

Sentence Breakdown

Part 1

Yet, within this,

However, even within this 2.5% segment of transactions

Part 2

the rules have created different .

The regulations have set up several different levels, categories, and exceptions

Sentence 6 of 25

English Original

UPI payments made at small merchants earning less than ₹1 lakh a month are exempt.

Sentence Breakdown

Part 1

UPI payments made at small merchants earning less than ₹1 lakh a month

UPI transactions received by micro-businesses whose monthly revenue is below one lakh rupees

Part 2

are .

Are completely excluded from paying any MDR transaction charges

Context and Background

Small Merchant Exemption Criteria

To shield micro-entrepreneurs and neighborhood vendors from financial friction, the NPCI guidelines exempt businesses with an aggregate monthly UPI turnover below ₹1 lakh from paying any MDR, regardless of individual transaction sizes.

Sentence 7 of 25

English Original

Those made to merchants operating in certain essential sectors will attract a flat MDR charge instead of the 0.4% applicable on other sectors.

Sentence Breakdown

Part 1

Those made to merchants operating in certain essential sectors

Payments made to businesses in vital everyday areas such as fuel stations, railways, utilities, or insurance

Part 2

will a MDR charge

Will incur a fixed fee per transaction rather than a varying percentage

Part 3

instead of the 0.4% on other sectors.

Rather than the standard 0.4 percent rate levied on general commercial retail transactions

Context and Background

Tiered MDR Structure and Essential Services

Under NPCI’s 2026 MDR framework, while general merchant transactions above ₹2,000 carry an ad-valorem fee of 0.4% (capped at ₹300), critical public services like telecom, electricity utilities, insurance, railways, and petroleum stations are subject to a nominal flat fee (e.g., ₹5 per transaction) to avoid price inflation on essential goods.

Sentence 8 of 25

English Original

Capital market payments above ₹2,000 will attract a different MDR.

Sentence Breakdown

Part 1

payments above ₹2,000

UPI money transfers exceeding two thousand rupees made for stock trading, mutual funds, and investments

Part 2

will attract a different MDR.

Will be subject to a separate and distinct fee structure

Sentence 9 of 25

English Original

These are clearly designed keeping political backlash in mind.

Sentence Breakdown

Part 1

These are clearly designed

These exemptions and varying rate categories are obviously created

Part 2

keeping political in mind.

Taking into account the risk of strong public protests and criticism from political opposition

Sentence 10 of 25

English Original

However, they raise some important doubts among merchants, and could potentially slow the adoption of UPI in India.

Sentence Breakdown

Part 1

However, they raise some important doubts among merchants,

Nevertheless, these complicated rules create confusion and uncertainty for shopkeepers

Part 2

and could slow the of UPI in India.

And might possibly discourage businesses from continuing to accept digital UPI payments

Sentence 11 of 25

English Original

For example, the rules are not clear on what happens to a small merchant who crosses the ₹1 lakh a month turnover threshold, which is a low limit at today’s prices.

Sentence Breakdown

Part 1

For example,

To give a specific instance of this confusion

Part 2

the rules are not clear

The official regulations fail to explain clearly

Part 3

on what happens to a small merchant

What procedure applies to a micro-retailer or shopkeeper

Part 4

who crosses the ₹1 lakh a month ,

Whose total monthly sales revenue exceeds the one lakh rupee cutoff limit

Part 5

which is a low limit at today’s prices.

Which is a very small sales figure given the current high cost of goods and inflation

Sentence 12 of 25

English Original

Who is monitoring their incomes?

Sentence Breakdown

Part 1

Who is their incomes?

Which authority or bank is keeping track of small merchants’ total monthly earnings

Sentence 13 of 25

English Original

This will either increase the compliance burden on small merchants, or involve a new mechanism for real-time transaction-checking that banks will have to develop.

Sentence Breakdown

Part 1

This will either increase the on small merchants,

This ambiguity will force small shop owners to spend time and effort tracking their turnover and filing records

Part 2

or involve a new for real-time transaction-checking

Or it will require an automated software system that instantly tracks sales volume during each payment

Part 3

that banks will have to develop.

Which banking institutions will need to build and implement into their IT infrastructure

Sentence 14 of 25

English Original

In the short run, it will likely result in small merchants simply refusing to accept UPI until greater clarity emerges.

Sentence Breakdown

Part 1

In the immediate coming weeks and months

Part 2

it will likely result in small merchants

This confusion will probably cause small shopkeepers and traders

Part 3

simply refusing to accept UPI

To outright decline digital UPI QR payments and insist on cash instead

Part 4

until greater clarity .

Until the government or banks provide precise, clear instructions

Sentence 15 of 25

English Original

The government has also instructed banks to make sure that merchants do not pass on this charge to customers.

Sentence Breakdown

Part 1

The government has also instructed banks

The central authorities have directed financial institutions

Part 2

to make sure that merchants do not this charge to customers.

To ensure that shopkeepers do not add extra fees onto buyers during checkout

Sentence 16 of 25

English Original

But it has not specified how banks are expected to check whether merchants tweak their prices to absorb this additional charge.

Sentence Breakdown

Part 1

But it has not specified

However, the government has not clarified or outlined

Part 2

how banks are expected to check

What auditing or monitoring method banks should follow

Part 3

whether merchants their prices

If shopkeepers subtly raise the baseline prices of their goods and services

Part 4

to this additional charge.

In order to offset and cover the cost of the new MDR fee without visibly adding it at the billing counter

Sentence 17 of 25

English Original

A back-of-the-envelope calculation based on past trends suggests that the MDR will yield an upper limit of ₹2,400 crore of monthly revenue for the payments ecosystem.

Sentence Breakdown

Part 1

A calculation based on past trends

A quick and approximate mathematical estimate derived from previous transaction data

Part 2

suggests that the MDR will

Indicates that the newly imposed fee will produce or generate

Part 3

an upper limit of ₹2,400 crore of monthly revenue

A maximum possible monthly income of up to 2,400 crore rupees

Part 4

for the payments .

For the collective network of banks, payment apps, and service providers

Sentence 18 of 25

English Original

The sector-wise flat rates and reduced rates will likely result in a lower amount.

Sentence Breakdown

Part 1

The flat rates and reduced rates

The special lower fee percentages and fixed charges assigned to different essential industries

Part 2

will likely result in a lower amount.

Will probably lead to an actual total collection well below the ₹2,400 crore estimate

Sentence 19 of 25

English Original

The government has denied any U.S. pressure to bring these rates to favour American credit card companies.

Sentence Breakdown

Part 1

The government has denied any U.S. pressure

The Indian government has officially rejected claims that Washington pressured it

Part 2

to bring these rates to American credit card companies.

To introduce MDR charges to benefit US-based payment giants like Visa and Mastercard

Context and Background

Trade Friction Over Digital Payments and Card Networks

The United States Trade Representative (USTR) had repeatedly flagged concerns that India’s zero-MDR policy and exclusive linking of RuPay cards to UPI disadvantaged global payment networks like Visa and Mastercard. However, the Indian Finance Ministry maintained that the 2026 MDR policy was designed purely to support domestic digital infrastructure sustainability without external influence.

Sentence 20 of 25

English Original

Yet, the data suggest that the benefit will largely accrue to private banks and U.S.-owned UPI apps.

Sentence Breakdown

Part 1

Yet, the data suggest

However, market share statistics show

Part 2

that the benefit will largely

That most of the collected fee revenue will naturally flow and accumulate

Part 3

to private banks and .

To leading private commercial lenders and major American-backed payment applications like PhonePe and Google Pay

Context and Background

Market Duopoly in India

Two foreign-backed applications, PhonePe (majority-owned by US retail giant Walmart) and Google Pay (Alphabet Inc.), process nearly 85% of all UPI transactions by volume and value in India, meaning any MDR collected by acquiring third-party payment providers will heavily benefit these platforms alongside major private acquiring banks like HDFC, ICICI, and Axis.

Sentence 21 of 25

English Original

There is still an argument to be made for the Reserve Bank of India to foot this bill from the vast surpluses it generates every year.

Sentence Breakdown

Part 1

There is still an argument to be made

There remains a strong and reasonable justification

Part 2

for the Reserve Bank of India to foot this bill

For India’s central bank to pay for the maintenance costs of the UPI payment network

Part 3

from the vast it generates every year.

Using the huge annual profits and excess reserves that the central bank earns

Context and Background

RBI

Under Section 47 of the RBI Act, 1934, the Reserve Bank of India transfers its surplus profits (derived from foreign currency earnings, interest on government bonds, and open market operations) to the central government. In recent fiscal years, this dividend transfer has exceeded ₹2 lakh crore annually (e.g., ₹2.11 lakh crore in FY24 and ₹2.69 lakh crore in FY25), creating substantial fiscal resources that could theoretically subsidize digital payment infrastructure.

Sentence 22 of 25

English Original

Maintaining vital payment infrastructure is surely a good use of these funds.

Sentence Breakdown

Part 1

Maintaining payment

Keeping essential digital payment technology and server networks running smoothly and securely

Part 2

is surely a good use of these funds.

Is definitely a worthwhile and productive way to spend the central bank’s surplus revenues

Sentence 23 of 25

English Original

However, if the government persists in implementing this charge, it should certainly simplify the structure.

Sentence Breakdown

Part 1

However, if the government in implementing this charge,

Nevertheless, if authorities remain determined to go ahead with this fee

Part 2

it should certainly simplify the structure.

It must definitely make the fee framework straightforward and easy to understand

Sentence 24 of 25

English Original

There is still time before its rollout.

Sentence Breakdown

Part 1

There is still time before its .

There is still an opportunity to fix and simplify the policy before the October 15 launch date

Sentence 25 of 25

English Original

The Goods and Services Tax experience shows that rate complexity hits small businesses the hardest.

Sentence Breakdown

Part 1

The experience

The historical lessons learned from implementing India’s indirect GST tax system

Part 2

shows that rate

Demonstrates clearly that having too many confusing tax slabs and rules

Part 3

hits small businesses .

Imposes the most severe compliance costs and financial burdens on micro and small enterprises

Context and Background

Lessons from GST Rate Classification

When India introduced the Goods and Services Tax (GST) on July 1, 2017, the multiple rate slabs (0%, 5%, 12%, 18%, and 28%) along with numerous exemptions and cess structures created heavy compliance burdens and litigation for Micro, Small, and Medium Enterprises (MSMEs). The editorial draws a parallel warning that an overly fragmented MDR tier structure on UPI risks repeating these same administrative bottlenecks.

Sentence 1 of 25

Sentences Breakdown

Editorial Summary

5-Point Summary

1 The National Payments Corporation of India (NPCI) introduced a complex Merchant Discount Rate (MDR) structure on merchant UPI transactions above ₹2,000.
2 Although the charge applies to only 2.5% of UPI transactions, exemptions for small merchants earning under ₹1 lakh and varying sector rates create confusion.
3 Banks are tasked with preventing merchants from passing charges to consumers or inflating prices, but clear monitoring mechanisms are absent.
4 The policy is projected to yield substantial monthly revenue for private banks and UPI apps, but it threatens to slow merchant adoption of UPI.
5 The government should simplify the MDR structure before its rollout or explore using RBI surplus funds to support digital payment infrastructure.

Tone of the Editorial

Critical

Why this tone?

The editorial criticizes the government and NPCI for introducing an overly convoluted MDR structure shaped by political fear rather than economic sound logic. By highlighting practical enforcement hurdles, compliance burdens on small merchants, and the risk of slowing digital adoption, the piece argues firmly for policy simplification.

Sentence 1 of 25

The Merchant Discount Rate (MDR) charges announced for UPI transactions show how political considerations can dilute economic benefits.

Sentence Breakdown

Part 1

The Merchant Discount Rate (MDR) charges announced for UPI transactions

The newly introduced fees that merchants must pay to banks for accepting UPI payments

Part 2

show how political considerations can dilute economic benefits.

Demonstrate how worrying about public or political reactions can reduce the positive financial impact of a policy

Sentence 2 of 25

In a quest to preempt political attacks, the rate structure announced by the National Payments Corporation of India has been made overly complex.

Sentence Breakdown

Part 1

In a quest to preempt political attacks,

In an effort to prevent or avoid criticism from political opponents before it happens

Part 2

the rate structure announced by the National Payments Corporation of India

The schedule of fee percentages released by India’s retail payments regulatory body

Part 3

has been made overly complex.

Has been designed in an excessively complicated and confusing manner

Sentence 3 of 25

From October 15, the new rates will apply only to UPI payments of ₹2,000 or more made at merchants.

Sentence Breakdown

Part 1

From October 15,

Starting on October 15, 2026

Part 2

the new rates will apply

The updated fee percentages will come into effect

Part 3

only to UPI payments of ₹2,000 or more made at merchants.

Exclusively for business purchases worth ₹2,000 or higher, keeping smaller payments fee-free

Sentence 4 of 25

As such, the charge is limited to only about 2.5% of all UPI transactions, which is a welcome limitation.

Sentence Breakdown

Part 1

As such,

Because of this specific condition

Part 2

the charge is limited to only about 2.5% of all UPI transactions,

The new fee applies to a tiny portion, roughly 2.5 percent, of all transactions on UPI

Part 3

which is a welcome limitation.

Which is a positive and pleasing restriction that protects the vast majority of users

Sentence 5 of 25

Yet, within this, the rules have created different gradations.

Sentence Breakdown

Part 1

Yet, within this,

However, even within this 2.5% segment of transactions

Part 2

the rules have created different gradations.

The regulations have set up several different levels, categories, and exceptions

Sentence 6 of 25

UPI payments made at small merchants earning less than ₹1 lakh a month are exempt.

Sentence Breakdown

Part 1

UPI payments made at small merchants earning less than ₹1 lakh a month

UPI transactions received by micro-businesses whose monthly revenue is below one lakh rupees

Part 2

are exempt.

Are completely excluded from paying any MDR transaction charges

Sentence 7 of 25

Those made to merchants operating in certain essential sectors will attract a flat MDR charge instead of the 0.4% applicable on other sectors.

Sentence Breakdown

Part 1

Those made to merchants operating in certain essential sectors

Payments made to businesses in vital everyday areas such as fuel stations, railways, utilities, or insurance

Part 2

will attract a flat MDR charge

Will incur a fixed fee per transaction rather than a varying percentage

Part 3

instead of the 0.4% applicable on other sectors.

Rather than the standard 0.4 percent rate levied on general commercial retail transactions

Sentence 8 of 25

Capital market payments above ₹2,000 will attract a different MDR.

Sentence Breakdown

Part 1

Capital market payments above ₹2,000

UPI money transfers exceeding two thousand rupees made for stock trading, mutual funds, and investments

Part 2

will attract a different MDR.

Will be subject to a separate and distinct fee structure

Sentence 9 of 25

These are clearly designed keeping political backlash in mind.

Sentence Breakdown

Part 1

These are clearly designed

These exemptions and varying rate categories are obviously created

Part 2

keeping political backlash in mind.

Taking into account the risk of strong public protests and criticism from political opposition

Sentence 10 of 25

However, they raise some important doubts among merchants, and could potentially slow the adoption of UPI in India.

Sentence Breakdown

Part 1

However, they raise some important doubts among merchants,

Nevertheless, these complicated rules create confusion and uncertainty for shopkeepers

Part 2

and could potentially slow the adoption of UPI in India.

And might possibly discourage businesses from continuing to accept digital UPI payments

Sentence 11 of 25

For example, the rules are not clear on what happens to a small merchant who crosses the ₹1 lakh a month turnover threshold, which is a low limit at today’s prices.

Sentence Breakdown

Part 1

For example,

To give a specific instance of this confusion

Part 2

the rules are not clear

The official regulations fail to explain clearly

Part 3

on what happens to a small merchant

What procedure applies to a micro-retailer or shopkeeper

Part 4

who crosses the ₹1 lakh a month turnover threshold,

Whose total monthly sales revenue exceeds the one lakh rupee cutoff limit

Part 5

which is a low limit at today’s prices.

Which is a very small sales figure given the current high cost of goods and inflation

Sentence 12 of 25

Who is monitoring their incomes?

Sentence Breakdown

Part 1

Who is monitoring their incomes?

Which authority or bank is keeping track of small merchants’ total monthly earnings

Sentence 13 of 25

This will either increase the compliance burden on small merchants, or involve a new mechanism for real-time transaction-checking that banks will have to develop.

Sentence Breakdown

Part 1

This will either increase the compliance burden on small merchants,

This ambiguity will force small shop owners to spend time and effort tracking their turnover and filing records

Part 2

or involve a new mechanism for real-time transaction-checking

Or it will require an automated software system that instantly tracks sales volume during each payment

Part 3

that banks will have to develop.

Which banking institutions will need to build and implement into their IT infrastructure

Sentence 14 of 25

In the short run, it will likely result in small merchants simply refusing to accept UPI until greater clarity emerges.

Sentence Breakdown

Part 1

In the short run,

In the immediate coming weeks and months

Part 2

it will likely result in small merchants

This confusion will probably cause small shopkeepers and traders

Part 3

simply refusing to accept UPI

To outright decline digital UPI QR payments and insist on cash instead

Part 4

until greater clarity emerges.

Until the government or banks provide precise, clear instructions

Sentence 15 of 25

The government has also instructed banks to make sure that merchants do not pass on this charge to customers.

Sentence Breakdown

Part 1

The government has also instructed banks

The central authorities have directed financial institutions

Part 2

to make sure that merchants do not pass on this charge to customers.

To ensure that shopkeepers do not add extra fees onto buyers during checkout

Sentence 16 of 25

But it has not specified how banks are expected to check whether merchants tweak their prices to absorb this additional charge.

Sentence Breakdown

Part 1

But it has not specified

However, the government has not clarified or outlined

Part 2

how banks are expected to check

What auditing or monitoring method banks should follow

Part 3

whether merchants tweak their prices

If shopkeepers subtly raise the baseline prices of their goods and services

Part 4

to absorb this additional charge.

In order to offset and cover the cost of the new MDR fee without visibly adding it at the billing counter

Sentence 17 of 25

A back-of-the-envelope calculation based on past trends suggests that the MDR will yield an upper limit of ₹2,400 crore of monthly revenue for the payments ecosystem.

Sentence Breakdown

Part 1

A back-of-the-envelope calculation based on past trends

A quick and approximate mathematical estimate derived from previous transaction data

Part 2

suggests that the MDR will yield

Indicates that the newly imposed fee will produce or generate

Part 3

an upper limit of ₹2,400 crore of monthly revenue

A maximum possible monthly income of up to 2,400 crore rupees

Part 4

for the payments ecosystem.

For the collective network of banks, payment apps, and service providers

Sentence 18 of 25

The sector-wise flat rates and reduced rates will likely result in a lower amount.

Sentence Breakdown

Part 1

The sector-wise flat rates and reduced rates

The special lower fee percentages and fixed charges assigned to different essential industries

Part 2

will likely result in a lower amount.

Will probably lead to an actual total collection well below the ₹2,400 crore estimate

Sentence 19 of 25

The government has denied any U.S. pressure to bring these rates to favour American credit card companies.

Sentence Breakdown

Part 1

The government has denied any U.S. pressure

The Indian government has officially rejected claims that Washington pressured it

Part 2

to bring these rates to favour American credit card companies.

To introduce MDR charges to benefit US-based payment giants like Visa and Mastercard

Sentence 20 of 25

Yet, the data suggest that the benefit will largely accrue to private banks and U.S.-owned UPI apps.

Sentence Breakdown

Part 1

Yet, the data suggest

However, market share statistics show

Part 2

that the benefit will largely accrue

That most of the collected fee revenue will naturally flow and accumulate

Part 3

to private banks and U.S.-owned UPI apps.

To leading private commercial lenders and major American-backed payment applications like PhonePe and Google Pay

Sentence 21 of 25

There is still an argument to be made for the Reserve Bank of India to foot this bill from the vast surpluses it generates every year.

Sentence Breakdown

Part 1

There is still an argument to be made

There remains a strong and reasonable justification

Part 2

for the Reserve Bank of India to foot this bill

For India’s central bank to pay for the maintenance costs of the UPI payment network

Part 3

from the vast surpluses it generates every year.

Using the huge annual profits and excess reserves that the central bank earns

Sentence 22 of 25

Maintaining vital payment infrastructure is surely a good use of these funds.

Sentence Breakdown

Part 1

Maintaining vital payment infrastructure

Keeping essential digital payment technology and server networks running smoothly and securely

Part 2

is surely a good use of these funds.

Is definitely a worthwhile and productive way to spend the central bank’s surplus revenues

Sentence 23 of 25

However, if the government persists in implementing this charge, it should certainly simplify the structure.

Sentence Breakdown

Part 1

However, if the government persists in implementing this charge,

Nevertheless, if authorities remain determined to go ahead with this fee

Part 2

it should certainly simplify the structure.

It must definitely make the fee framework straightforward and easy to understand

Sentence 24 of 25

There is still time before its rollout.

Sentence Breakdown

Part 1

There is still time before its rollout.

There is still an opportunity to fix and simplify the policy before the October 15 launch date

Sentence 25 of 25

The Goods and Services Tax experience shows that rate complexity hits small businesses the hardest.

Sentence Breakdown

Part 1

The Goods and Services Tax experience

The historical lessons learned from implementing India’s indirect GST tax system

Part 2

shows that rate complexity

Demonstrates clearly that having too many confusing tax slabs and rules

Part 3

hits small businesses the hardest.

Imposes the most severe compliance costs and financial burdens on micro and small enterprises

Reading Comprehension

Practice questions based on this editorial

Reading Comprehension - Complex Priorities: On UPI Transactions, MDR Charges

Practice reading comprehension questions based on the editorial about the proposed MDR charges on UPI transactions.

7 Questions Passing: 50%

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