Indian trade bodies withdraw ‘No UPI Day’ protest

Indian trade organizations have withdrawn their call for a ‘No UPI Day’ protest, originally scheduled for October 2, following a meeting with Union Finance Minister Nirmala Sitharaman. The protest was organized to oppose a new Merchant Discount Rate (MDR) framework set to take effect on October 15, which will impose a 0.4 percent fee on UPI transactions exceeding Rs 2,000.

A delegation of approximately 20 senior trade leaders, led by Confederation of All India Traders (CAIT) Secretary General Praveen Khandelwal, met with the Finance Minister in New Delhi to discuss the potential financial burden on small and medium merchants. The organizations involved in the withdrawal include the All India Consumer Products Distributors Federation (AICPDF) and the All India Mobile Retailers Association (AIMRA).

During the discussions, the Finance Minister assured the delegation that their concerns regarding the impact of the MDR on the trading community would be given serious consideration. Trade leaders emphasized that their opposition was directed at the financial implications for merchants rather than the digital payment system itself, reiterating their support for the Digital India mission.