The Supreme Court has refused to grant an interim stay on the imposition of Merchant Discount Rate (MDR) on UPI person-to-merchant transactions exceeding Rs 2,000, which is set to take effect from October 15. The court has agreed to examine the challenge to this new fee and has issued notices to the Centre, RBI, and NPCI, seeking their responses within four weeks. A Public Interest Litigation (PIL) argues that the levy lacks statutory safeguards, transparency, and public consultation, and could adversely affect merchants and consumers.
Reliance Industries Ltd (RIL) has successfully raised a total of Rs 25,000 crore through domestic bond issues in September, including a recent Rs 13,000 crore 10-year bond at 7.90 per cent, as it prioritises funding certainty amidst expectations of a possible RBI rate hike and rising borrowing costs.
Indian benchmark indices, Sensex and Nifty, closed nearly flat on Thursday, influenced by the US Federal Reserve's interest rate hike and indications of further monetary tightening. Despite some intraday gains, caution prevailed, with foreign institutional investors continuing to offload equities. Meanwhile, the National Stock Exchange of India's (NSE) mega initial public offering opened for subscription, garnering 39 per cent subscription on its first day.
The NCP (SP) has demanded a complete rollback of the 0.4 per cent Merchant Discount Rate (MDR) on UPI transactions above Rs 2,000, effective October 15. The party termed the move a "direct assault" on small traders and shopkeepers, accusing the Modi government of "double standards" by burdening small merchants while large industrialists benefit from loan write-offs.
Indian benchmark indices, Sensex and Nifty, recorded their fourth consecutive day of losses, driven by relentless foreign institutional investor (FII) outflows, rising bond yields, and a significant surge in crude oil prices, impacting overall investor sentiment.
BJD MP Santrupt Misra has voiced strong concerns over the Centre's decision to impose a 0.4 per cent Merchant Discount Rate (MDR) on UPI transactions above Rs 2,000, arguing that the government or large financial institutions could easily absorb the costs of maintaining the digital payment network instead of burdening merchants and consumers.
It is because dealing with a regulatory system that is largely headed by retired IAS officers then becomes relatively easy, points out A K Bhattacharya.
The Supreme Court has noted that the Special Investigation Team (SIT) probing alleged embezzlement at the Ram temple in Ayodhya identified 105 instances of unauthorised currency removal from the counting room. While no discrepancies were found in valuable articles like silver bricks, eight accused have been identified, and a chargesheet is expected soon. The investigation involved examining CCTV footage, financial records, and witness statements.
NetApp CEO George Kurian announced that India is the company's fastest-growing market in Asia, driven by strong performance in BFSI, manufacturing, IT services, and public sectors. The company's Bengaluru global capability centre is its largest, housing 4,000 engineers and leading global R&D. NetApp also unveiled new AI-focused storage solutions and cloud partnerships at its Insight event.
India's Chief Economic Advisor V Anantha Nageswaran stated that the country's balance of payments (BoP) pressure is expected to remain a continuous challenge due to rising imports, commodity dependence, high global interest rates, and intense competition for capital.
Indian equity benchmark indices, Sensex and Nifty, extended their losses for a second consecutive day, driven by elevated crude oil prices, persistent foreign institutional investor (FII) outflows, and high US Treasury yields.
Kerala Home Minister Ramesh Chennithala has ordered a Vigilance probe into corruption allegations related to the 2006 KSTP road project, implicating incumbent Chief Election Commissioner Gyanesh Kumar, who was then the PWD secretary. The investigation also concerns the death by suicide of a Malaysian engineer involved in the project, who reportedly named Kumar in his suicide notes. The probe revives a case that was allegedly "hushed up" after a change in government.
Indian benchmark indices, Sensex and Nifty, saw early gains driven by strong buying in IT stocks like HCL Tech, Tech Mahindra, TCS, and Infosys, alongside a significant boost from HDFC Bank.
UPI processed an average 802 million transactions a day in September, about 1 per cent more than the 792 million a day over the same period in August.
The Tata Sons board has voted to reappoint N Chandrasekaran as chairman for a third five-year term, a decision influenced by the Reserve Bank of India's rejection of the company's application to surrender its NBFC registration, which revives the prospect of a stock market listing.
Rising bond yields in the US and other advanced economies are making it increasingly difficult for Indian equities to attract foreign portfolio investors (FPIs), leading to pressure on valuations and potentially lower returns for domestic investors.
Delhi Police arrested Sanju Mishra alias Tuntun Mishra from Ranchi, Jharkhand, in connection with a financial cheating case. Mishra, who runs a power tools business, is accused of fraud involving his business partner, Anup Garg. An FIR was registered in Delhi, and his bail plea was rejected by the Delhi High Court. Police are investigating his bank accounts and the fraud's modus operandi.
Andhra Pradesh and Punjab National Bank (PNB) have signed an MoU to establish the PNB Quantum Finance Hub at Amaravati Quantum Valley. This initiative aims to foster innovation and adopt next-generation technologies like AI and Quantum Computing in the banking sector, focusing on cybersecurity, fraud detection, and customer experience.
India's leading IT companies are anticipated to report subdued revenue growth and largely stable margins for the July-September quarter, as clients maintain tight discretionary budgets, with analysts closely watching the conversion of strong bookings into revenue and the impact of AI on traditional services.
Shares of major private lenders, including HDFC Bank, Axis Bank, and Kotak Mahindra Bank, experienced a sharp selloff after their June-quarter results indicated persistent pressure on net interest margins (NIMs), despite healthy credit growth. This decline overshadowed gains in ICICI Bank and Punjab National Bank (PNB), which reported resilient or stronger-than-expected earnings.
The CBI has filed its 21st chargesheet in an alleged homebuyer fraud case related to the 'Acme Boulevard' housing project in Mumbai. Five former promoters/directors of Acme Realties Private Limited and Acme Housing India Private Limited are accused of inducing homebuyers through false assurances and fraudulent representations. The agency is also investigating 32 other similar cases involving various builder companies and financial institutions.
The 2026 Hero Women's Indian Open will see the return of three past champions Shannon Tan, Liz Young, and Olivia Cowan at the DLF Golf & Country Club from October 22-25. The prestigious Ladies European Tour event, offering a USD 500,000 prize, will also feature other top international golfers and the Indian contingent vying for the title after a decade.
Fitch Ratings has increased India's GDP growth forecast for the current fiscal year (FY'27) to 6.9 per cent, up from 6.4 per cent, attributing the revision to robust economic growth in the June quarter and overall economic resilience. The agency also anticipates the Reserve Bank of India (RBI) will raise interest rates by 0.25 per cent in October.
Indian factories saw an 8 per cent decline in gross fixed capital formation (GFCF) in FY25, marking the first drop since the pandemic, despite achieving record high employment generation, according to the latest Annual Survey of Industries (ASI) data.
The Indian government has introduced a 0.4% transaction fee on Unified Payments Interface (UPI) payments exceeding Rs 2,000 for merchants, effective October 15, marking the end of nearly six years of free service. Person-to-person transfers and small-value transactions below Rs 2,000 remain free. The new Merchant Discount Rate (MDR) is capped at Rs 300 for transactions above Rs 75,000, with differentiated rates for essential sectors and investments, and safeguards to prevent costs from being passed to consumers.
The National Payments Corporation of India (NPCI) stated that the Merchant Discount Rate (MDR) "is distributed only amongst the UPI ecosystem, to further invest into infrastructure resilience, innovation, cybersecurity (protecting the UPI infrastructure with banks and non-banks) and customer service."
The Congress party has announced a significant organisational reshuffle in its Uttar Pradesh unit, appointing Aradhana Misra-Mona as president and Imran Masood as working president. This strategic move comes ahead of the state assembly elections next year and aims to strike a social balance while strengthening the party's position in the crucial state.
'Giving up is very easy. But don't give up. Try out whatever you can. Something will happen.'
'Separate needs from wants and minimise discretionary spending.'
HDFC Bank's board is actively discussing the appointment of its new managing director and chief executive officer (MD & CEO) as incumbent Sashidhar Jagdishan's three-year term concludes in October, with the Governance, Nomination and Remuneration Committee (GNRC) expected to finalise the process soon.
Telangana's Anti-Corruption Bureau (ACB) has registered a Disproportionate Assets (DA) case against N Lakshmi Bhasker, an Additional Medical Superintendent at NIMS, Hyderabad. Searches at his properties and associates' places revealed assets worth over Rs 6.13 crore, including apartments, plots, bank deposits, and gold, acquired through alleged corrupt practices. The investigation is ongoing.
Indian benchmark indices Sensex and Nifty rebounded on Wednesday, driven by a decline in crude oil prices below USD 100 per barrel and optimism surrounding a potential de-escalation of the conflict in West Asia.
The Indian government has introduced a 0.4% Merchant Discount Rate (MDR) on UPI person-to-merchant (P2M) transactions exceeding Rs 2,000, effective October 15. This move ends nearly six years of fully free UPI payments, though person-to-person (P2P) transfers and small P2M payments remain free. The charges aim to bolster investment in UPI infrastructure, with specific exemptions and caps for essential sectors.
Bandhan Bank has launched a new digital Provident Fund (PF) payment service, integrated with EPFO, allowing business customers to make statutory PF payments via the bank's internet banking platform. This service aims to streamline payments, optimise cash flows, and ensure timely compliance for businesses.
Potential external candidates include Anup Bagchi, Rajiv Sabharwal and CSB Bank's Pralay Mondal.
NPCI chief Dilip Asbe stated that only about 10 per cent of the total value of UPI transactions might see charges passed to consumers under the merchant discount rate (MDR). He clarified that large corporates are expected to absorb most costs, and a significant portion of transactions will remain charge-free. A new fund from MDR collection is also proposed to boost UPI acceptance among small merchants.
NPCI chief Dilip Asbe stated that only about 10% of UPI transaction value might see charges passed to consumers, primarily from large corporates already absorbing credit card fees. He highlighted that 80% of Merchant Discount Rate (MDR) would come from businesses with over Rs 1,000 crore turnover, and a significant portion of transactions will remain charge-free. A new fund, potentially Rs 3,000 crore, will also be created from MDR collection to support small merchants and accelerate UPI acceptance.
The RSS-affiliated Swadeshi Jagran Manch (SJM) has urged the government to reconsider imposing a merchant discount rate (MDR) on UPI transactions above Rs 2,000, arguing that the costs do not warrant such a move. This comes after the government announced a 0.4 per cent fee on merchant transfers over Rs 2,000 from October 15, while assuring that person-to-person and small payments remain free. SJM co-convener Ashwani Mahajan highlighted that banks have not demanded MDR and that UPI has reduced their transaction costs.
State Bank of India (SBI) is developing an innovative solution to assess the creditworthiness of small businesses lacking GST registration by utilising UPI transaction data. This initiative aims to provide end-to-end digital loans within a day, addressing the financial exclusion of many small enterprises.
The Enforcement Directorate (ED) has informed the Bombay High Court that former liquor baron Vijay Mallya continues to evade Indian law, and the recovery of debts by banks does not absolve him of money laundering charges.
