India, June 12 -- Update | June 12, 12:06 AM

Hours after it was reported that the Centre is mulling levying MDR on UPI transactions above INR 3,000, the finance ministry termed the report speculative, baseless and misleading.

"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.The Government remains fully committed to promoting digital payments via UPI," the ministry said in a post on X.

Original | June 11, 4:20 PM

In an effort to boost operations of banks and payment service providers across India,the government is reportedly considering levying a merc...