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Whether NPCI will defer the proposed UPI merchant discount rate (MDR) rollout was still unresolved in reports published October 8, 2026. Those reports do not verify the title’s stated October 9 gains for Paytm and MobiKwik or decline for Pine Labs. The confirmed market figures in the available coverage are October 8 closing losses for all three stocks.
Has NPCI deferred the proposed UPI MDR?
No final decision was established in the October 8 reports. NDTV Profit said trader associations had asked for a delay until after the festive season or early next year and that NPCI was consulting stakeholders. Moneycontrol reported that NPCI was likely to decide after discussions with the Finance Ministry and that a steering committee meeting was scheduled for October 9. These accounts describe pending deliberations, not a confirmed deferment. NDTV Profit; Moneycontrol
The reporting available as of October 9 does not verify what NPCI ultimately decided. Nor does it confirm the October 9 price moves stated in the supplied headline.
What MDR terms were being considered?
Business Standard reported that the proposal would introduce MDR from October 15, 2026, for select peer-to-merchant (P2M) UPI payments. The reported terms were not evidence of an implemented charge or a finalized NPCI framework. Business Standard
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- A reported 0.4% MDR on eligible transactions above ₹2,000.
- A cap of ₹300 for transactions valued above ₹75,000.
- A flat ₹5 fee for transactions above ₹2,000 in certain categories.
- Consumers would not pay MDR, according to Business Standard’s account of the proposal.
The thresholds and category-specific treatment matter: this was not described as a fee on every UPI payment. The reports also cited brokerage estimates of ₹15,000–20,600 crore in annual revenue, but the accessible Business Standard passage did not identify the brokerage. That estimate is not official NPCI or government revenue guidance.
What happened to Paytm, MobiKwik and Pine Labs shares?
Business Standard reported the following October 8 closing prices and declines. Moneycontrol also reported declines in the three stocks. These figures are for October 8, not October 9.
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| Company | October 8 close | Change |
|---|---|---|
| One 97 Communications (Paytm) | ₹1,640 | Down 5.42% |
| One MobiKwik Systems | ₹244.30 | Down 4.57% |
| Pine Labs | ₹169.75 | Down 4.39% |
Coverage linked the sell-off to uncertainty about a possible MDR delay, but does not establish that this was the sole cause of the share-price moves. The reports do not provide comparable company-specific revenue sensitivity, so they do not support ranking which company would benefit most if MDR were introduced.
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Fix the driver behind crashes, sound loss and screen glitchesFind Drivers →Repair Windows errors before they cause bigger problemsFix Now →Scan for outdated or missing drivers - takes under a minuteDriver Scan →What did the RBI Governor say about a possible fee?
Moneycontrol quoted RBI Governor Sanjay Malhotra on October 8: “As of now, we do not see any drop in volumes. And I don’t personally think that a small fee will have a major impact on the volumes.” This was his view on transaction volumes, not a final NPCI decision or a measured forecast. Moneycontrol
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