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2 clusters · 10 sources · 5 days · First seen · Last updated

Indian trade protest over UPI transaction fees

Overview

The Confederation of All India Traders (CAIT) initially issued a clarification denying reports that it had endorsed a nationwide ‘No UPI Day’ protest scheduled for October 2. The organization described such reports as ‘factually wrong’ and noted that any regional protests regarding Merchant Discount Rates (MDR) were independent of the national body.

By late September, Indian trade organizations, including CAIT, the All India Consumer Products Distributors Federation (AICPDF), and the All India Mobile Retailers Association (AIMRA), withdrew the call for the ‘No UPI Day’ protest. This decision followed a meeting between a delegation of trade leaders and Union Finance Minister Nirmala Sitharaman in New Delhi.

The protest had been organized to oppose a new MDR framework, effective October 15, which would impose a 0.4 percent fee on UPI transactions exceeding Rs 2,000. During the meeting, the Finance Minister assured the delegation that concerns regarding the financial impact on small and medium merchants would be given “serious consideration.” Trade leaders clarified that their opposition targeted the financial implications for merchants rather than the digital payment system itself.

Entities

Confederation of All India Traders · Praveen Khandelwal · B C Bhartia · Unified Payments Interface · All India Consumer Products Federation

Timeline

  1. [BUSINESS] 7 sources
    Indian trade bodies withdraw ‘No UPI Day’ protest

    Indian trade bodies have cancelled their ‘No UPI Day’ protest scheduled for October 2 after Finance Minister Nirmala Sitharaman assured them that concerns over new UPI transaction fees will be considered.

  2. [BUSINESS] 3 sources
    CAIT denies endorsing nationwide ‘No UPI Day’ on October 2

    The Confederation of All India Traders (CAIT) has denied reports that it endorsed a nationwide ‘No UPI Day’ on October 2, calling the claims misinformation and distancing itself from independent protests.

Sources

bhaskarlive.in · devdiscourse.com · hindi.news18.com · ibc24.in · ibtimes.co.in · latestly.com · navabharat.com · navbharatlive.com · newsable.asianetnews.com · thefederal.com