The Reserve Bank of India (RBI) has endorsed the introduction of a Merchant Discount Rate (MDR) on UPI transactions exceeding Rs 2,000, effective October 15. This move, which levies a 0.4 per cent fee on merchant payments above the threshold, aims to bolster the long-term sustainability and growth of India's digital payments ecosystem. The RBI clarified that person-to-person (P2P) transactions and small person-to-merchant (P2M) payments below Rs 2,000 will remain free for users, ensuring no direct charge on customers.
India's junior men's hockey team successfully defended their Asia Cup title, defeating Korea 4-1 in the final in Moqi, China. This victory marks their record sixth continental crown and secures their spot in the upcoming World Cup. The team displayed a dominant performance with goals from Ajeet Yadav, Anmol Ekka, Prabhdeep Singh, and Ashu Maurya.
GIS intelligence solutions provider Mirai Aerospace Systems and Software Solutions has signed an MoU with US-based GreenValley International Inc to strengthen India's geospatial and LiDAR remote sensing manufacturing base. The collaboration focuses on local assembly, manufacturing, technical support, and the development of AI-driven LiDAR applications, aiming to meet India's growing demand across various sectors.
India's exports saw a significant increase of 26.12 per cent to USD 43.81 billion in August, leading to a narrowed trade deficit of USD 26.86 billion, driven by strong demand from key global markets and diverse sectors.
Olympic silver medallist Vijay Kumar has called for an independent review of the National Rifle Association of India's (NRAI) coaching appointments, citing concerns about transparency, eligibility criteria, and potential conflicts of interest. The NRAI, however, asserts that appointments are merit-based and views Kumar's concerns as 'sour grapes' after his own non-selection.
The Indian government has mandated that banks and payment providers cannot levy charges on UPI transactions up to Rs 2,000 or on payments made via RuPay debit cards. This directive follows an amendment to the Payment and Settlement Systems Act, 2007, aiming to sustain and expand the digital payments ecosystem.
David Warner has been appointed captain of the Australia Champions team for the third season of the World Championship of Legends. The team is now owned by cricket legend Ricky Ponting and Puneet Singh, who have also unveiled a new team identity. Warner expressed excitement about playing alongside greats, while Ponting and Singh highlighted the leadership and experience Warner brings.
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.
'She's kind, loving...but on the sets, she's a taskmaster.'
India's derivatives market experienced a significant 23 per cent fall in average daily contracts traded in August, reaching a 13-month low of 224 million. This decline is primarily attributed to regulatory changes, including a higher securities transaction tax (STT) and enhanced collateral requirements, alongside the introduction of a closing auction session.
For a child who is six years old, one hour is the limit, says rediffGURU Dr Deepa Suvarna.
The Finance Ministry has refuted allegations that US pressure influenced the decision to levy a 0.4% Merchant Discount Rate (MDR) on select UPI payments. It clarified that NPCI guidelines prioritise RuPay credit cards on UPI to foster a domestic payment ecosystem and that the MDR introduction aims to create a sustainable revenue model for smaller domestic companies, thereby protecting India's sovereignty in digital payments.
From unexpected cameos to sneaky Easter eggs, these Hindi films have quietly created some wonderfully weird cinematic universes of their own.
The Union Cabinet has approved a significant increase in the mandatory EPFO wage ceiling from Rs 15,000 to Rs 25,000 per month, a move expected to bring over 51 lakh additional employees under mandatory social security coverage.
Law And Order not only delivers an outdated and amateurish gangster drama, but also manages to drag Mammootty's iconic Black character into the mess.
Pakistan continues to offer a 7 million rupee reward for information leading to the arrest of Jaish-e-Mohammed chief Masood Azhar, who remains on the Federal Investigation Agency's "Red Book" of most-wanted terrorists. This development comes ahead of the Financial Action Task Force's plenary meeting, highlighting Pakistan's ongoing efforts against terror financing.
A high-level committee, including representatives from banks and payment associations, is set to decide on Merchant Discount Rate (MDR) for UPI transactions exceeding Rs 2,000 to merchants. While person-to-person and person-to-merchant transactions up to Rs 2,000 remain free, the move follows a recent amendment to the Payment and Settlement Systems Act, sparking debate and clarification from the Finance Minister that only certain high-value merchant transactions might incur charges.
Iran's Islamic Revolutionary Guard Corps (IRGC) claims to have captured a US unmanned submersible near the Strait of Hormuz and launched ballistic missile strikes against a US airbase in Jordan and two US Navy destroyers. These actions are stated as retaliation for recent US attacks on Iranian oil tankers. The US Central Command (CENTCOM) had previously reported destroying Iranian crude oil carriers after IRGC missile attacks on US warships. The escalating tensions have led to regional air defence activations and warnings to tanker crews.
The F9 Ultra gets a choice of Black and Dark Cherry finish.
A gym trainer, Vijay Kumar, was shot dead by two bike-borne assailants in south Delhi's Aya Nagar. Police suspect personal enmity and are investigating a possible link to a long-running village rivalry, including other recent violent incidents in the area.
TMC MP Mahua Moitra was allegedly pelted with eggs by BJP workers during a visit to Nadia district's Tehatta area, despite police presence. Moitra invoked a recent Supreme Court observation regarding her apprehension of such attacks, questioning police inaction and alleging contempt of court. The BJP has condemned the act but denied involvement.
UEFA vice-president Laura McAllister stated that UEFA is actively seeking a credible challenger to FIFA President Gianni Infantino for the upcoming March election, emphasising the need for a candidate capable of uniting football's confederations and delivering lasting governance reform, rather than merely installing a European figurehead.
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.
Elena Rybakina secured an unexpected US Open title and the world number one ranking, overcoming a recent ankle injury that had threatened her participation.
The FIA has reinstated Red Bull's Isack Hadjar to third at the Monaco Grand Prix, while Alpine's Pierre Gasly was demoted again following the latest appeal verdict.
It's A Medical Miracle has a promising superhero premise and some genuinely inventive moments, but a wildly uneven screenplay ultimately squanders its potential.
Hospital chain Fortis Healthcare has filed a special leave petition in the Supreme Court against a Delhi High Court order directing a forensic audit into the alleged erosion of assets by its former promoters, Malvinder and Shivinder Singh, during enforcement proceedings initiated by Japanese drugmaker Daiichi Sankyo.
India's Davis Cup team is set for a high-stakes Qualifier Round 2 clash against South Korea in Seoul, with players like Dhakshineswar Suresh and Sumit Nagal aiming to secure a historic Final 8 berth under the current format.
Amidst the widespread devastation caused by Nepal's deadly flash floods, a 60-year-old woman and a Chinese worker have been miraculously survived after days of being trapped, offering a beacon of hope in the ongoing search and rescue operations.
Sri Lanka's Sonal Dinusha has etched his name in cricket history by becoming only the third Sri Lankan and ninth overall batter to score three centuries in a two-match Test series, achieving the feat against India in Colombo.
Robin Raikkonen, the 11-year-old son of former Formula One world champion Kimi Raikkonen, has been accepted into Red Bull's prestigious driver development programme, aiming to nurture his karting talent towards a potential F1 career.
The Indian government has introduced a 0.4% fee on UPI transactions above Rs 2,000 for merchants, effective October 15, sparking strong opposition from political parties and traders. Despite accusations of foreign influence and demands for a rollback, the finance ministry and top functionaries have stated there will be no reversal, citing the need for a self-sustaining digital payments ecosystem.
N Chandrasekaran's letter of not seeking a third term was written to Tata Sons directors (including to Noel Tata as a nominee director) and, therefore, Tata Trusts did not have a locus standi on accepting or rejecting that letter.
Whether Apple unveils a foldable iPhone or simply builds on its existing line-up, September 9 will offer the first glimpse of how the company plans to begin its next chapter.
The Kargil Democratic Alliance (KDA) announced a major protest rally in Kargil on September 20, demanding justice for victims of police firing in Leh last year and protesting the central government's perceived lack of seriousness in talks regarding Ladakh's demands. The KDA, along with the Leh Apex Body (LAB), rejected the compensation offered by the Lieutenant Governor as inadequate and called for the withdrawal of all cases against arrested protesters. They criticised the recent talks with the Ministry of Home Affairs as "unproductive" and reiterated their demands for statehood and the extension of the Sixth Schedule to Ladakh.
A gym trainer, Vijay Kumar, was shot dead in south Delhi's Aya Nagar. Police suspect personal enmity and are investigating a possible link to a longstanding village rivalry. The incident involved multiple gunshots and occurred after the victim was called out of a gym.
Xi brought in asymmetrical power play by stating that India should have 'strategic cognition' and 'strategic judgement made on the basis of the stage of development the two countries are at'. This is a very nuanced way of asserting China's coercive diplomatic posture and reflects Beijing's penchant to unleash border instability at will, restrict rare earth metal exports, exert pressure on India at global and regional orders, asserts China expert Srikanth Kondapalli.
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.
'This rise in foreign exchange reserves was expected given the amount of FCNR(B) flow.'
The Congress party has criticised the government's new 0.4% charge on UPI transactions above Rs 2,000 for merchants, terming it a "Modi tax". Opposition leaders, including Rahul Gandhi and Mallikarjun Kharge, allege that this move will ultimately burden consumers through price hikes and accuse the government of succumbing to American pressure to dilute India's zero-MDR policy. The government states the charge will support banks and fintechs.
