
India to Restore UPI Merchant Fees, PhonePe Gains Most
India's government plans to amend the Payment and Settlement Systems Act to restore UPI merchant discount rates, ending the zero-MDR regime in place since January 2020.
Key Takeaways
May 9, 2026 · 2 min read · By Rishabh Bhardwaj
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The government has appointed Lieutenant General NS Raja Subramani (Retd) as the next Chief of Defence Staff (CDS), the country's top military post that coordinates India's three armed services under a single strategic command.
Raja Subramani currently serves as Military Adviser to the National Security Council Secretariat, a role he has held since September 1, 2025. That posting placed him at the intersection of military planning and national security policy, likely giving him direct visibility into India's strategic priorities before his elevation to the top uniformed job.
The Chief of Defence Staff heads the Department of Military Affairs and acts as the principal military adviser to the Defence Minister on tri-services matters. The role was created in 2020 to break down inter-service silos, push jointness across the Army, Navy, and Air Force, and accelerate the creation of integrated theatre commands, a long-pending restructuring of how India organises its fighting forces.
Theatre commands are the central unfinished project of the CDS office. The idea is to replace service-specific commands with geography-based joint commands, so Army, Navy, and Air Force assets in a given region operate under a single commander. Progress has been slower than originally envisioned, partly because of coordination challenges between the three services.
Raja Subramani's background as Military Adviser to the NSC Secretariat suggests a profile built around strategic and policy work at the highest levels of government. That experience could be relevant as India navigates a complex security environment, managing the Line of Actual Control with China, the western border with Pakistan, and growing maritime commitments in the Indian Ocean.
The CDS appointment also carries weight for defence procurement and capital allocation. The office plays a role in prioritising inter-service acquisition requests, which affects how defence budget spending is directed across platforms and programmes.
Further details on his formal assumption of the CDS role, including date and transition arrangements, have not been announced. Those details will clarify the immediate operational timeline for the new appointment.

India's government plans to amend the Payment and Settlement Systems Act to restore UPI merchant discount rates, ending the zero-MDR regime in place since January 2020.
India's government has introduced the Taxation and Other Laws (Amendment) Bill, 2026, proposing changes to payments regulation, income tax, and the Finance Act to attract FDI and support Make in India. The Bill's final shape will depend on parliamentary debate and committee review.
The government's Taxation and Other Laws (Amendment) Bill, 2026, proposes to replace the blanket UPI MDR ban with a system allowing the Centre to notify which payment modes stay fee-free.
Prime Minister Narendra Modi inaugurated the Rs 5,000 crore Bhogapuram greenfield airport in Andhra Pradesh, built under a public-private partnership model. He also laid foundation stones for infrastructure projects worth nearly Rs 18,000 crore in the state, signalling a broad investment push for the region.