MDR a small fee, will not have major impact on UPI volumes: RBI Governor Malhotra

“As of now, we do not see any drop in volumes. And I don’t personally think that a small fee will have a major impact on the volumes,” RBI Governor Sanjay Malhotra saidReserve Bank of India Governor Sanjay Malhotra on Wednesday (October 7, 2026) said levying a “small fee” in the form of merchant discount rate (MDR) will not have a “major impact” on UPI transaction volumes.