New Delhi, June 11 -- The Finance Ministry on Wednesday termed as "false, baseless, and misleading" speculation that the Merchant Discount Rate (MDR)will be charged on UPI transactions.

"Speculation and claims that the MDR will be charged on UPI transactions are completely false, baseless, and misleading. Such baseless and sensation-creating speculations cause needless uncertainty, fear and suspicion among our citizens," Finance Ministry said in a post on X.

"The Government remains fully committed to promoting digital payments via UPI," it added.

The Finance Ministry's rebuttal came after reports in a section of media claimed that the Centre is considering reintroducing MDR on UPI transactions above Rs 3,000 in a move to support banks ...