India, Oct. 13 -- The proposed Merchant Discount Rate (MDR) of 0.4 per cent on select Unified Payments Interface (UPI) merchant transactions exceeding Rs 2,000 will be implemented after Diwali, the National Payments Corporation of India (NPCI) said on Tuesday.

The decision postpones the proposed October 15 rollout, with the new implementation date to be announced separately.

The UPI and Services Steering Committee decided to defer the charges, keeping in view the festive season, NPCI said in a statement.

"UPI and Services Steering Committee today decided that, keeping in mind the festive season, Merchant Discount Rate (MDR) on select Person-to-Merchant (P2M) UPI transactions, shall be implemented immediately post Diwali at a date to be...