Banking and RBI
PIB clarifies new UPI MDR framework: P2P free, 0.4% MDR only on specified merchant payments above Rs 2,000
15 September 2026 | Press Information Bureau
PIB said all person-to-person UPI transactions remain completely free irrespective of the amount, and person-to-merchant payments up to Rs 2,000 remain free of MDR. Small merchants receiving up to Rs 1 lakh per month through UPI QR codes in the P2PM category continue with zero MDR. About 96 per cent of P2M transactions remain unaffected.
A nominal MDR of 0.4 per cent applies only to specified P2M transactions above Rs 2,000, shared among banks, payment service providers and UPI apps, with a cap of Rs 300 per transaction for transactions of Rs 75,000 and above. PIB said MDR is not a tax or a charge collected by the Government or NPCI, and the framework was introduced under the Payment and Settlement Systems Act, 2007.
Key facts- P2P UPI transactions: free
- P2M free up to: Rs 2,000
- MDR above Rs 2,000: 0.4%
- MDR cap at Rs 75,000 and above: Rs 300
Exam takeaway: MDR stands for Merchant Discount Rate.
Quick revision: UPI MDR framework clarified (PIB, 15 September 2026).
Press Information Bureau original sourceEconomy and Finance
RBI announces Rs 2,50,000 crore overnight VRRR auction for 16 September 2026
15 September 2026 (announcement) | Reserve Bank of India
RBI announced an overnight Variable Rate Reverse Repo (VRRR) auction under the LAF on Wednesday, 16 September 2026, with a notified amount of Rs 2,50,000 crore, window 9:30 to 10:00 a.m., reversal on 17 September 2026. The result is a separate release.
The notified amount is half the Rs 5,00,000 crore of the 15 September overnight auction announced on 11 September.
Key facts- Notified amount: Rs 2,50,000 crore
- Tenor: 1 day
- Auction date (scheduled): 16 September 2026
- Reversal date: 17 September 2026
Exam takeaway: The lower notified amount follows a series of Rs 5,00,000 crore auctions.
Quick revision: Overnight VRRR announced for 16 September (RBI, 15 September 2026).
Reserve Bank of India original sourceGovernment Schemes
Six Yamuna basin States sign Kishau Multipurpose Project agreement
15 September 2026 | Press Information Bureau
PIB said the Chief Ministers of Uttar Pradesh, Uttarakhand, Himachal Pradesh, Rajasthan, Delhi and Haryana signed the Kishau Multipurpose Project agreement on 15 September 2026 in the presence of Union Home Minister Amit Shah and Jal Shakti Minister C R Patil. The project is a national project, with about 90 per cent of the financial burden to be borne by the Government of India and 10 per cent by the partner States.
The project has a 232.6-metre-high concrete dam in Himachal Pradesh with water storage of 1,562 million cubic metres, will irrigate 97,000 hectares and generate 1,476 million units of hydropower, with Delhi to get the biggest benefit.
Key facts- Agreement signed: 15 September 2026
- States: UP, Uttarakhand, Himachal Pradesh, Rajasthan, Delhi, Haryana
- Dam height: 232.6 metres
- Irrigation: 97,000 hectares
Exam takeaway: Kishau dam is on the Tons river, a tributary of the Yamuna.
Quick revision: Kishau Multipurpose Project agreement (PIB, 15 September 2026).
Press Information Bureau original source