Nivedita Bhardwaj Comments on UPI MDR Framework in Moneycontrol.com

Nivedita Bhardwaj was quoted by Moneycontrol in its analysis of the NPCI’s clarification on the UPI Merchant Discount Rate (MDR) framework and its treatment of different funding instruments.

Commenting on the framework, Nivedita noted that by excluding RuPay Credit Cards-on-UPI and pre-sanctioned credit lines from the new MDR framework and retaining them under existing card MDR rules, NPCI is effectively operating two parallel MDR regimes on the same UPI rail, depending on the underlying funding instrument.

“This is a sensible distinction in principle but introduces real complexity for PSPs and acquiring banks in transaction tagging, billing, and reconciliation, a detail the FAQ states clearly but doesn’t unpack,” she said.

Her comments highlight the operational and compliance considerations that payment service providers and acquiring banks may need to address as the UPI MDR framework evolves.

Read the full article here: https://www.moneycontrol.com/news/business/personal-finance/upi-mdr-framework-how-does-it-compare-with-card-charges-and-credit-linked-upi-npci-clarifies-14030477.html 

Last Updated on 26 September, 2026