NEW DELHI: Congress on Wednesday stepped up its assault in opposition to the Centre and accused it of “giving into” United States’ demand to do away with zero MDR and cost for UPI.In a social media publish on X, senior Congress chief Jairam Ramesh dubbed the federal government’s choice to introduce service provider low cost price on UPI as “NOTA – Narendra’s Ongoing Trump Appeasement” and alleged that the transfer was geared toward serving to US card corporations compete with UPI.“Tomorrow, the US Home of Representatives votes on a Invoice that introduces 100% tariffs on India. The US Senate has already accredited this draconian legislation. In the meantime, the Trump regime has been cracking down on Indian immigrants and making more durable legal guidelines in opposition to them. H-1B visa prices have been elevated and such holders may quickly be deported instantly when out of a job. Such holders are principally IT professionals,” Jairam Ramesh mentioned.“Right here, the Modi Govt has given right into a US demand to do away with zero MDR and cost for UPI. The US Commerce Consultant earlier this 12 months criticized UPI for being free and having pushed out Visa and Mastercard. Why 0.4% MDR? Is it as a result of debit card MDR can also be 0.4%? Is that this being achieved to allow US card corporations to compete with UPI?” he questioned.
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The Congress chief claimed that the estimated price of working all the UPI ecosystem is round Rs 20,000 crore yearly, which he mentioned is lower than 10% of what the RBI has been transferring to the Union authorities up to now few years to point out wholesome public funds for the Modi authorities.“Is that this going to make UPI ‘sustainable’ because the Govt claims? The estimated price of working all the UPI ecosystem is round Rs 20,000 crore yearly. That is lower than 10% of what the RBI has been transferring to the Union Govt up to now few years in order to point out wholesome public funds for the Modi Govt,” he mentioned.“The PM has redefined NOTA – Narendra’s Ongoing Trump Appeasement,” the Congress chief added.Jairam Ramesh’s remarks got here after the Nationwide Funds Company of India on Tuesday launched a brand new MDR framework, underneath which UPI service provider transactions above Rs 2,000 will appeal to an MDR of 0.4%, whereas shoppers will proceed to transact freed from price utilizing UPI.The revised UPI MDR framework will come into impact from October 15, 2026, and can apply to pick service provider transactions.