Removing MDR on RuPay and UPI could kill digital payments industry, says Payments Council. Tata Sons will move SC for urgent relief in Cyrus Mistry case.
Dire Straits: Digital payments companies face an existential crisis, according to the Chairman of the Payments Council of India, Vishwas Patel.
The government's decision to ask banks handling payments through RuPay cards and Unified Payments Interface (UPI) not to charge merchant discount rates (MDR) will apply to companies with a turnover of ?50cr or more. This could stop innovation and investment in the field, Patel says. "The government’s decision will have a negative impact on the payment ecosystem. Many of these companies may cut down on their manpower, thereby resulting job losses." The News Minute
Interjection: Tata Sons will reportedly move the Supreme Court to seek early interim relief from the tribunal order reinstating Cyrus Mistry. More details here.
Extra: Axis Bank, Bharti Airtel, HDFC Bank, Reliance Industries...Here’s a look at the companies which have seen the largest increase in market cap in the past year.
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