The Indian government has introduced a 0.4% fee on UPI transfers above Rs 2,000 made to merchants, effective October 15, ending nearly six years of free merchant payments. This move led to initial rallies in fintech stocks like Paytm and Mobikwik, though some later pared gains. Person-to-person transactions and small payments remain free for customers, with the fee being a Merchant Discount Rate (MDR).
'Treating stock brokers as merchants for MDR is fundamentally misplaced.'
Spain's World Cup-winning defender Marcos Llorente, 31, has announced his retirement from international football after 27 caps, citing a deeply personal decision despite his young age and continued good form.
India's Russian crude oil imports reached a five-month low in September, dropping to 1.75 million barrels per day, as Indian refiners strategically diversify their energy supplies amidst evolving geopolitical landscapes and robust domestic demand, according to ship tracking data.
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.
Teen Indian batter Vaibhav Sooryavanshi was named Player of the Match and Series after India's 3-0 T20 series sweep against Zimbabwe. Sooryavanshi scored 151 runs, including a rapid 50 and an 81, crediting his natural T20 game and team support for his success. Captain Shreyas Iyer praised the young team's fearless energy, while Zimbabwe captain Sikandar Raza highlighted the valuable experience gained by his side.
The Indian government has introduced a 0.4% transaction fee on UPI payments above Rs 2,000 for merchants, effective October 15, sparking a political row. The Congress party has labelled it a "Modi tax" and accused the government of succumbing to US pressure, while the BJP has defended the move, clarifying that consumers will not be charged and small vendors are protected. The finance ministry reiterated that the charge is on merchants, not customers.
As India A face Australia A in a crucial four-day match, attention centers on left-handers Devdutt Padikkal and Sai Sudharsan competing for top-order positions ahead of major Test series.
Vikash Dhorasoo, the first Indian-origin player in a FIFA World Cup, expresses strong belief in India's potential to reach football's biggest stage. Visiting India for a friendly match against Brazil, Dhorasoo highlights the importance of method, clear objectives, and leveraging players of Indian origin to elevate the national team's level. He also offers his coaching expertise to help develop young talent in India.
'Your retirement corpus isn't just a big pile of cash for 'one day' -- it is the salary you pay yourself when you no longer want to go to work.'
Egypt's Amina Orfi is set to become the youngest-ever women's world number one in squash at 19 years and two months old, breaking a 40-year record after winning the Qatar Classic.
Large office leases in Mumbai and Delhi-NCR are commanding premium rentals in key micro-locations, driven by a scarcity of quality Grade-A space and sustained occupier demand, according to real estate consultants.
Bosnia and Herzegovina's legendary striker Edin Dzeko has announced his retirement from international football, concluding a nearly two-decade-long career. The 40-year-old, who has played for top clubs like Manchester City and Inter Milan, will make his final appearance for Bosnia against Sweden in October. Dzeko is the country's most-capped player and all-time leading scorer, having helped them qualify for their first World Cup in 2014.
RBI Deputy Governor Shirish Chandra Murmu has dismissed concerns that the new Merchant Discount Rate (MDR) on UPI payments above Rs 2,000 will increase cash transactions. He also clarified the 'cash paradox' of rising digital payments alongside cash in circulation, explaining cash's dual role. Murmu further detailed the RBI's extensive regulatory changes aimed at reducing compliance burdens and emphasised that accountability for AI-driven decisions in finance will remain with institutional boards.
Indian benchmark indices, Sensex and Nifty, closed higher, primarily driven by bank stocks and encouraging US inflation data, which fuelled expectations of a less aggressive Federal Reserve monetary policy. However, escalating US-Iran hostilities tempered investor sentiment, leading to some profit-taking.
Foreign portfolio investors (FPIs) turned net sellers in the first week of September, withdrawing Rs 7,443 crore from Indian equities, driven by rising crude oil prices, increasing US bond yields, and a strong dollar.
The combined market valuation of four of India's top-10 most valued firms eroded by Rs 87,960.29 crore last week, with Bharti Airtel experiencing the largest decline, amidst a bearish trend in the equities market.
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.
George Russell secured a hard-fought victory at the Azerbaijan Grand Prix, fending off a late charge from Max Verstappen after two safety car periods disrupted his comfortable lead. The win marks Russell's third of the season and significantly narrows the championship gap to teammate Kimi Antonelli. Isack Hadjar also celebrated a podium finish, while several other drivers faced incidents.
Zimbabwean cricketer Brendan Taylor has surpassed India's Sachin Tendulkar as the longest-serving one-day international player, with his ODI career now spanning 22 years and four months. Taylor, who previously retired and served a ban, returned to play for Zimbabwe ahead of the 2026 ODI World Cup.
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 government is introducing a 0.4% Merchant Discount Rate (MDR) on UPI person-to-merchant payments above Rs 2,000, effective October 15. This move ends the zero-MDR regime, aiming to fund UPI infrastructure and sustainability, as the previous government subsidy was insufficient to cover operational costs. Payments between individuals and most everyday merchant transactions will remain free.
India added significantly to its Asian Games medal tally with strong performances across athletics, squash, and boxing. Ancy Sojan and Sarvesh Kushare secured silver medals in long jump and high jump respectively, while Parul Chaudhary and Harita Bhadra earned bronzes. Despite high hopes, Indian squash players missed out on Olympic berths, settling for silvers. Boxing saw three athletes advance to semifinals, assuring more medals, though individual badminton campaigns concluded without a medal.
The Indian men's 10m air pistol team finished fourth at the Asian Games, narrowly missing a bronze medal, while the mixed skeet team of Parinaaz Dhaliwal and Anant Jeet Singh Naruka successfully qualified for their event's final.
The Finance Ministry has refuted allegations that US pressure influenced the decision to levy a 0.4 per cent Merchant Discount Rate (MDR) on select UPI payments. The ministry clarified that the NPCI guidelines prioritise RuPay credit cards on UPI to promote domestic alternatives and ensure a self-sustaining revenue model for smaller domestic companies, countering claims of favouring foreign payment providers.
The Finance Ministry has dismissed allegations of US pressure influencing the 0.4% Merchant Discount Rate (MDR) on select UPI transactions. It clarified that NPCI guidelines prioritise RuPay credit cards on UPI and do not favour international cards. The ministry also asserted that the MDR, applicable to person-to-merchant transactions above Rs 2,000, is unlikely to increase cash transactions or cause inflation, with measures in place to prevent burdening consumers.
Looking at the best Tom Cruise films outside the Mission: Impossible franchise that proves just how versatile the superstar can be.
Anantjeet Singh Naruka and Parinaaz Dhaliwal secured India's first-ever Asian Games medal in the mixed team skeet event, winning a historic bronze. This achievement marked a remarkable three-medal haul for Indian skeet at the Games, overcoming challenging conditions and intense competition. The duo fought through qualification and a nerve-wracking final, adding to their individual team bronzes.
The US Department of Homeland Security has proposed an additional fee of USD 103,265 for all H-1B visa cap-subject applications, including those eligible for the advanced degree exemption. This new fee aims to recover interagency costs for immigration programmes and would be paid in addition to existing fees. The proposal is open for public comments for 30 days and has drawn criticism from immigration advocates.
Lalremsiami Hmarzote, Mizoram's first female Olympian and Asian Games medallist, is now India's offensive lynchpin, aiming for a first Asian Games hockey gold since 1982, after overcoming initial family resistance and training on dirt pitches.
'The market is currently neither cheap enough to be exciting about nor expensive enough to worry about.'
Vaibhav Sooryavanshi's incredible IPL 2026 campaign ended with another historic achievement as the 15-year-old became the youngest player ever to win the Orange Cap.
The benchmark BSE Sensex rebounded by 362 points, ending a four-day losing streak, driven by strong buying in metal, private banking, and oil and gas shares, while the broader NSE Nifty saw modest gains despite paring some advances in the closing session.
Indian table tennis player Ankur Bhattacharjee achieved a significant milestone by winning his first WTT men's singles title and a doubles gold with Akash Pal at the WTT Feeder Olomouc tournament. Bhattacharjee defeated Slovenian Deni Kozul in the singles final and, alongside Pal, secured the doubles title against Hungarian and Polish opponents.
Tax experts clarify that merchants will pay 18% GST on Merchant Discount Rate (MDR) for UPI payments exceeding Rs 2,000, effective October 15. However, registered merchants can claim Input Tax Credit (ITC), mitigating the tax burden. This move is expected to generate significant GST revenue for the exchequer while funding payment infrastructure.
Opposition MPs have voiced strong concerns regarding the government's decision to levy a 0.4 per cent fee on UPI payments above Rs 2,000 made to merchants, effective October 15. They argue that this "anti-people" move will negatively impact a large segment of the population, despite the finance ministry clarifying that the charge is on the merchant ecosystem and not directly on customers for P2P or small payments.
The Sports Ministry has granted an exemption to the Indian Olympic Association (IOA), allowing it to maintain a 16-member Executive Council. This decision aligns with the International Olympic Committee's (IOC) recommendation, overriding the National Sports Governance Act's usual limit of 15 members, to ensure compliance with international statutes ahead of upcoming IOA elections.
The Finance Ministry has clarified that the 0.4 per cent Merchant Discount Rate (MDR) on UPI transactions above Rs 2,000, effective October 15, is not expected to increase cash transactions or cause inflation. The ministry also dismissed allegations of US pressure influencing the decision, asserting that the policy aims to promote RuPay credit cards within the UPI ecosystem, and a monitoring mechanism will ensure the MDR burden is not passed on to consumers.
Former Rajasthan chief minister Ashok Gehlot has criticised the Centre for introducing a 0.4% charge on UPI transactions above Rs 2,000, alleging the decision was influenced by pressure from the United States and its payment companies like Visa and Mastercard. He highlighted a perceived shift in the government's stance on Merchant Discount Rate (MDR) for UPI, claiming it would ultimately burden consumers and small businesses while benefiting American firms.
India Under-19 secured a narrow seven-run victory over Australia U-19 in a rain-affected first Youth ODI. Anvay Dravid's explosive late innings and Yashbardhan Chauhan's all-round performance, including a half-century and two wickets, were pivotal. The match also marked the U19 debut of Aaryavir Sehwag, who contributed 28 runs.
