NPCI to levy 0.02% UPI fee on capital-market payments from 15 October 2026
A 0.02% UPI MDR, capped at Rs 300 per transaction, will apply to capital-market payments from 15 October 2026. NSE CEO Ashish Chauhan said brokers and clients will need to decide who absorbs the cost; retail consumers will not be charged directly.
What happened
National Payments Corporation of India (NPCI) · NPCI will levy a 0.02% UPI MDR, capped at Rs 300, on capital-market payments from 15 October 2026. NSE CEO
Key facts
- 0.02% MDR on UPI capital-market payments
- Rs 300 per-transaction cap
- Effective 15 October 2026
What changed
NPCI will levy a 0.02% UPI MDR, capped at Rs 300, on capital-market payments from 15 October 2026. NSE CEO Ashish Chauhan said brokers and clients must determine who absorbs the cost; consumers are not directly charged.
Why this matters
Retail operators face no direct consumer fee impact, but any capital-market payment workflows using UPI should account for the new 0.02% capped MDR from 15 October 2026.
What to watch
- NPCI circular detailing the exact covered capital-market transaction categories and responsibility for MDR collection.
- Pricing announcements from Zerodha, Groww, Angel One, Upstox, ICICI Direct, and other high-volume brokers.
- Changes in UPI transaction limits, broker-side UPI funding limits, or adoption of alternative account-funding rails.
- Data on UPI's share of brokerage funding volumes and average ticket sizes after implementation.
- Any regulatory clarification on whether brokers can pass the MDR through to customers despite statements that retail consumers will not be charged directly.