
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 2, 2026 · 2 min read · By Rishabh Bhardwaj
·
AI-assisted, human-reviewed · Our editorial standards

Prime Minister Narendra Modi said on Saturday that the mood in West Bengal points to a BJP victory in the upcoming state assembly elections, adding that he expects to return to the state for an oath-taking ceremony. He made the remarks at a public rally, directly targeting the ruling Trinamool Congress government led by Chief Minister Mamata Banerjee.
Modi accused the Trinamool Congress of running what he called a 'syndicate raj', a term referring to alleged organised networks that extract money from public contracts, construction work, and daily commerce, often linked to ruling party workers. He framed this as a core failure of the incumbent government, arguing it has driven economic decline in one of India's largest states.
Beyond the syndicate charge, Modi accused the Trinamool Congress of presiding over persistent political violence, a long-standing grievance in Bengal politics where clashes between party workers have repeatedly turned deadly. BJP has made law and order a central campaign issue in the state, arguing that ordinary residents and political opponents alike face intimidation under the current administration.
The Prime Minister's appearance signals that BJP is treating West Bengal as a high-priority target. The party came a close second in the 2021 state elections, winning 77 seats against Trinamool's 213, and has since worked to consolidate its position in the state. Modi's public confidence about an oath-taking ceremony is an attempt to frame BJP as the government-in-waiting.
West Bengal sends 42 members to the Lok Sabha and carries significant weight in national politics. A BJP win would mark a major shift in the state's political balance, which Trinamool has dominated since 2011. Trinamool has not yet formally responded to Modi's rally remarks.
The timing and scale of BJP's campaign push in Bengal, with Modi personally leading rallies, suggests the party sees a genuine opening. Whether the ground reality matches the mood Modi described will become clearer as election dates are announced and voter turnout patterns emerge.

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.