RBI Proposes E-Cheques Under Payments Vision 2028 to Modernise CTS-2010 Standard

Taxation and Other Laws Bill 2026 Allows MDR on UPI & RuPay Payments for Large Merchants

The government has introduced the Taxation and Other Laws (Amendment) Bill, 2026 to allow charging of Merchant Discount Rate (MDR) on UPI and RuPay debit card payments, especially for large merchants. This could end the zero-MDR regime for UPI, impacting millions of transactions. However, only 4% of P2M UPI transactions exceed Rs 2,000, so most users won't be affected.

RBI Classifies Tata Sons as NBFC-UL, De-registration Plea Under Review

The RBI has classified Tata Sons as an Upper Layer NBFC (NBFC-UL), subjecting it to stricter norms and potential mandatory listing. However, the central bank is simultaneously reviewing Tata Sons' application for de-registration as an NBFC, which if approved, would allow it to avoid a public listing. This decision has divided the Tata Trusts and has significant implications for corporate governance and minority shareholder rights.

UPI@10 Years: 86% of Digital Transactions, Government Allows Merchant Fees Under PSS Act Amendment

UPI completes 10 years with 86% of India's digital transactions, but the zero-MDR model is ending. The government has amended the PSS Act to allow merchant fees, aiming to fund the next growth phase in rural areas and cross-border payments. Key challenge: balancing inclusion with sustainability.

Govt Proposes Gold Monetisation via Jewellers: 20,000 Tonne Idle Gold, Demat Deposits, Interest Income

The government is planning a new gold monetisation scheme where jewellers, not banks, will collect physical gold deposits from households, issue demat receipts, and pay interest. This aims to unlock over 20,000 tonnes of idle gold, improve India's trade balance, and reduce import dependence — a key reform for economic stability and current account management.

Govt Allows MDR on UPI Transactions Above Rs 2,000; Paves Way for Charges on P2M Payments

The government has notified that UPI transactions above Rs 2,000 are no longer exempt from fees, creating legal room to impose Merchant Discount Rate (MDR) on high-value person-to-merchant payments. This shift aims to make the UPI ecosystem financially sustainable, but could affect 66% of UPI transaction value and alter consumer payment behavior.

RBI Directs Tata Sons to List via IPO Under NBFC-Upper Layer Norms

The RBI has rejected Tata Sons' application to remain an unregistered Core Investment Company, mandating it to go public as an NBFC-Upper Layer. This forces a listing on stock exchanges, unlocking value for minority shareholders including the Shapoorji Pallonji group holding 18.3% stake.

RBI Steps Up Rupee Internationalisation Push: BRICS Task Force, UPI & CBDC for Faster Cross-Border Payments

RBI Governor Sanjay Malhotra announced a renewed push for rupee internationalisation at a FICCI-IBA event. The RBI is exploring faster cross-border payments via UPI linkages, CBDCs, and a BRICS task force. MoUs have been signed with UAE, Mauritius, Maldives, and Indonesia to promote local currency trade, aiming to reduce dollar dependence and strengthen the rupee's global role.

RBI Proposes Restricting NBFC Revolving Credit; KCC with 7.72 Cr Cards, ₹10.2 Lakh Cr Outstanding Exempted

RBI proposes to restrict NBFCs from offering revolving credit by defining 'term loan' for the first time. Kisan Credit Card (KCC) and similar agricultural credit lines remain exempt. The move aims to curb rising household indebtedness and unsecured retail credit risks. Key data: 7.72 crore KCC cards with ₹10.2 lakh crore outstanding.