SBI may earn Rs 3,000 crore from UPI MDR; other banks to gain

State Bank of India could earn up to Rs 3,000 crore annually from the Merchant Discount Rate (MDR) on UPI merchant payments, while other large banks like Bank of Baroda, HDFC Bank, Union Bank, and Punjab National Bank may earn Rs 700-800 crore each. The government is yet to issue the Gazette notification for UPI MDR, after which the NPCI Steering Committee will decide the revenue-sharing formula. The MDR is expected to be 25-30 basis points, potentially generating Rs 13,500-16,000 crore for the ecosystem.