Mumbai: Indian stock brokerages are considering new charges, including mandate-based payments, new transaction fees and scaling back free offerings, to cushion the impact of a merchant discount rate (MDR) on UPI transactions, according to people familiar with the matter.
The MDR framework, which takes effect from 15 October and adds a 0.02% charge on UPI transactions for capital-market payments, capped at ₹300 per transaction, threatens to squeeze already-thin margins.
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