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The government’s proposal to allow an MDR of 0.25–0.5% on UPI transactions above ₹2,000 reverses a decade-long policy; taxing the payment rail could weaken incentives for banks and fintechs to invest in UPI while undermining its role in financial inclusion, formalisation and wider digital adoption
document fetched 2026-10-26 02:57 · canonical https://thehindu.com/business/Economy/upi-and-the-cost-of-policy-reversal/article71328209.ece