
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 7, 2026 · 2 min read · By Rishabh Bhardwaj
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West Bengal Governor has dissolved the 17th State Legislative Assembly, the body elected after the 2021 state elections, clearing the way for a new government to be sworn in. The BJP is set to form West Bengal's first-ever government of its own, with the swearing-in ceremony scheduled for Saturday at Brigade Parade Grounds in Kolkata.
The dissolution of a state assembly is a formal constitutional step that closes out the outgoing legislature. It typically follows a decisive election result where a new majority is ready to assume power. The Governor acts on the advice of the incoming majority in such transitions.
For West Bengal, this marks a historic political shift. The state has been governed by the Trinamool Congress under Mamata Banerjee since 2011, and before that by the Left Front for over three decades. A BJP government here would be the party's first in the state, representing a major change in the political landscape of one of India's largest and most politically significant states.
Brigade Parade Grounds, a large public space in central Kolkata, is the chosen venue for the swearing-in, a symbolic choice, as it has historically been used for large political rallies and public events by parties across the spectrum.
The immediate questions are who will be sworn in as Chief Minister, the size and composition of the cabinet, and how the new administration handles governance in a state where the BJP has not previously held power. West Bengal's political transitions have historically been contested and closely watched, given the state's size, economic weight, and volatile political climate. The cabinet formation and early policy signals will be the first indicators of how the new government intends to govern.

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.