
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 8, 2026 · 2 min read · By Rishabh Bhardwaj
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West Bengal is set to swear in its first-ever BJP government, with the ceremony scheduled for May 9 at Brigade Parade Ground. The BJP legislature party is meeting to elect a new Chief Minister, a critical procedural step before the formal swearing-in can take place.
When a party wins a state election, its elected MLAs gather in what is called a legislature party meeting to formally choose their leader. That chosen leader then goes to the Governor to stake a claim to form the government and is sworn in as Chief Minister. This internal vote is standard constitutional procedure across all Indian states.
For the BJP, this meeting carries extra weight. The party has never held power in West Bengal before, making this a significant political milestone after years of trying to break the dominance of the Trinamool Congress and, before it, the Left Front.
The choice of Chief Minister will signal how the BJP plans to govern one of India's most politically contested and populous states. West Bengal has around 100 million people and a large industrial and agricultural base, so the incoming government's policy direction on investment, law and order, and federally linked schemes will be closely watched by businesses and political observers alike.
Brigade Parade Ground in Kolkata is a historically significant venue for large political gatherings in the state, and holding the swearing-in there signals the BJP's intent to mark the occasion with scale and visibility.
The key things to watch now are who the legislature party selects as Chief Minister, whether the cabinet composition reflects regional or factional balancing within the party, and what the new government signals in its early statements about governance priorities for the state.

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.