Trade Bodies Withdraw from 'No UPI Day' Protest After Meeting Finance Minister

Two prominent trade bodies, the All India Consumer Products Distributors Federation (AICPDF) and the All India Mobile Retailers Association (AIMRA), have reportedly withdrawn from their planned 'No UPI Day' protest scheduled for October 2. This decision follows a meeting held with the Finance Minister, where the organizations presented their concerns to the government.

The protest's cancellation comes after AICPDF and AIMRA urged the government to consider two key demands. Firstly, they called for the deferment of the proposed UPI Merchant Discount Rate (MDR). Secondly, the trade bodies requested an increase in the threshold limit for UPI transactions to ₹5 lakh. These demands highlight the organizations' concerns regarding the financial implications and operational aspects of the unified payments interface for their members.

The withdrawal suggests a potential constructive dialogue between the trade bodies and the government. While the immediate outcome of their meeting with the Finance Minister has not been fully disclosed, the decision to call off the protest indicates a positive step towards resolving the issues raised. The 'No UPI Day' protest aimed to draw attention to the challenges faced by merchants due to certain UPI policies.

What to watch: Government's response to the demands concerning UPI MDR and the ₹5 lakh threshold limit.

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This article is AI-generated and fact-gated. Original reporting: Business Standard