Mumbai, June 12 -- The drop came after the Finance Ministry dismissed reports suggesting the government was considering the introduction of a merchant discount rate (MDR) on UPI transactions.

Currently, banks and payment service providers like Paytm do not earn MDR on UPI payments, as the government has waived such charges to promote digital payments. However, recent online reports claimed that MDR might be reintroduced for high-value UPI transactions, sparking speculation in the market.

In a strongly worded statement, the Finance Ministry called these claims "baseless and sensational," adding that such misinformation creates unnecessary uncertainty and fear among citizens.

Back in March, the Payments Council of India, representing dig...