SBI Chairman: Banks and NPCI to absorb UPI costs, not users

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State Bank of India Chairman Dinesh Khara stated that banks and the National Payments Corporation of India will ensure Merchant Discount Rate (MDR) costs are not passed on to customers. This move aims to keep digital payments, particularly via UPI, free for end-users. Khara also revealed SBI's ambition to increase daily UPI transactions processed through its Yono platform to 5 crore. This expansion plan aligns with the broader push for wider adoption of digital payments in India.

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