Business news · Policy & Regulation · 06 Oct 2026
IN Financial Services Consumer Services
Punjab & Sind Bank's managing director Swarup Kumar Saha said merchants cannot pass the new merchant discount rate on UPI to customers, who pay only the posted price. Under the framework effective October 15, 2026, person-to-merchant UPI payments above Rs 2,000 carry a 0.4% fee capped at Rs 300; payments of Rs 2,000 or less carry none. Railways, telecom, insurance and fuel pay a flat Rs 5 per transaction above Rs 2,000. Person-to-person transfers stay free. He said over 95% of merchant UPI transactions are below Rs 2,000.
This gives banks and payment companies a fee line on UPI, which has been free for merchants. The exposed businesses are acquiring banks and listed payment aggregators on the revenue side, and on the cost side merchants with larger tickets: electronics and jewellery retailers, travel, hospitals and education, since they absorb the 0.4%. With more than 95% of merchant transactions below the Rs 2,000 threshold, the fee touches a small share of payment counts but a larger share of value; the report does not put a rupee figure on it.
Reported by HDFC Sky — “MDR Cannot Be Passed On to Consumers; Retail Customers To Pay Only Posted Price: Punjab & Sind Bank MD” ↗ on 06 Oct 2026.
NSE stocks, from the last close on or before 06 Oct 2026 to the close on 15 Oct 2026.
| Sector | Stocks | Median move | Up | vs all stocks |
|---|---|---|---|---|
| Financial Services | 125 | +0.0% | 63 of 125 | +1.7 pts |
| Consumer Services | 46 | -2.0% | 16 of 46 | -0.3 pts |
| All tracked stocks | 804 | -1.6% | 270 of 804 | — |
| Company | Then | Now | Move |
|---|---|---|---|
| Punjab & Sind Bank PSB | ₹21.05 | ₹21.24 | +0.9% |
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