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  1. The Real Story Behind UPI's New Charge

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The Real Story Behind UPI's New Charge

Upstox

9m 29s | Updated on September 18, 2026, 12:05 IST

SUMMARY

In this episode of Markets Today, we decode the new 0.4% MDR on UPI merchant payments above ₹2,000 and its impact on payment companies, HDFC Bank's CEO succession process as the bank submits one internal and one external candidate to RBI, and why BHEL is diversifying into coal gasification, coal-to-chemicals and pumped-storage projects despite a record ₹2.6 lakh crore order book.

In this episode of Markets Today — UPI transactions above ₹2,000 will attract a Merchant Discount Rate from October 15; HDFC Bank's CEO succession process officially begins with two candidates named to RBI; and BHEL pushes into coal gasification and coal-to-chemicals despite a record order book.

UPI's New MDR — What Changes From October 15 0.4% MDR applies to specified P2M UPI transactions above ₹2,000, capped at ₹300 — merchants pay it, not customers. Paytm, MobiKwik and Pine Labs shares rallied up to 6% on the news.

HDFC Bank's CEO Succession Begins Two candidates submitted to RBI: internal candidate Kaizad Bharucha and an unnamed external candidate. HDFC Bank shares are down ~29% in 2026, the weakest Nifty Bank performer this year.

BHEL Pivots To Coal Gasification & Coal-to-Chemicals Despite a record ₹2.60 lakh crore order book, BHEL failed its June Maharatna status assessment. Company is diversifying into coal gasification and leveraging its hydro order book into pumped-storage projects.

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