SBI expects surplus from new UPI MDR as issuing, acquiring bank
State Bank of India pursued an acquisition with October 15 in focus.
24 Sept 2026 · Economic Times Markets, ET Stocks
State Bank of India will start charging a merchant discount rate on UPI payments exceeding Rs 2,000 from October 15. The bank anticipates generating surplus revenue due to its extensive card issuing and payment gateway services. Initially, MDR fees will be divided among issuing and acquiring banks, payment gateways, and UPI applications.
Key facts
- Dates in focus
- October 15
The analysis
State Bank of India reported Rs 2,000. Those are the figures as filed — what moves the price is how they sit against what the market already expected, not their absolute size.
Against that, the stock is -0.5% on the day at ₹954.00, and has returned -8.7% over three months. It sits 22% below its 52-week high. The banks sector has moved -4.0% over the same period, so State Bank of India is running 4.7 points behind its peers.
For State Bank of India, the question is how much of this is already reflected in the price and how much re-rates the banks peer set alongside it.
Market context
- The company directly in focus is SBIN.
- Sector exposure: Banks.
In this story
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