Traditional Banks: Citi estimates the revised UPI MDR framework could generate ₹160-170 billion in annual ecosystem revenue, with approximately 60% accruing to banks. YES Bank is identified as the key beneficiary, while SBI, HDFC Bank, Bank of Baroda, PNB, IndusInd, and Axis Bank are also positioned to gain from the 0.4% fee on merchant payments above ₹2,000.
SBI Mutual Fund View: Ruchit Mehta, Head of Research at SBI Mutual Fund,...
