Proposed UPI MDR structure doesn't make sense for broking, could raise costs: Nithin Kamath

Economic Times - Sep 16, 2026

The proposed Merchant Discount Rate (MDR) on UPI transactions could create significant costs for stockbrokers even when customers do not execute trades, Zerodha co-founder Nithin Kamath said, calling for a lower transaction charge with a smaller cap for the broking industry.

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