The reassessment of the zero-MDR model was driven by the rapid increase in UPI transaction volumes and the widening gap between the cost of running the ecosystem and the government's support, says M. Nagaraju, former DFS secretary.
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September 17, 2026 at 12:30 AM
Zero-MDR gave banks no return on UPI merchant onboarding costs: Ex-DFS secretary M. Nagaraju
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