The Reserve Bank of India (RBI) kept the repo rate unchanged at 5.50% while announcing a 0.4% Merchant Discount Rate (MDR) on UPI transactions exceeding Rs 2,000 for merchants, traders, and businesses, effective from October 15. The central bank clarified that person-to-person (P2P) transactions and small vendors will remain completely exempt from these charges. Furthermore, the Centre has advised banks to ensure that this fee burden is not passed on to everyday customers, maintaining affordability and supporting the sustainability of the expanding digital payments ecosystem.
The RBI maintained the repo rate unchanged at 5.50% for the second consecutive time.
A 0.4% MDR is levied on UPI payments exceeding Rs 2,000 for commercial entities and traders.
Person-to-person transactions and small vendors are strictly exempt from these charges.
A sudden surge in water levels in the Kosi River, triggered by a glacial lake outburst flood (GLOF) in Nepal, has caused widespread devastation and renewed concerns over the accelerating climate and geological risks facing the Himalayan region. Experts attribute these frequent disasters to rising global temperatures, rapid glacier melting, and extreme monsoon weather patterns. The disaster underscores the urgent need for enhanced regional cooperation, advanced early warning systems, and sustainable climate action between India and Nepal to mitigate upstream and downstream vulnerabilities.
A glacial lake outburst flood (GLOF) in the upper Kosi River triggered severe flash floods in Nepal.
Rising global temperatures are accelerating glacier melting and increasing the instability of glacial lakes in the Himalayas.
Experts emphasize the critical need for robust early warning systems and enhanced Indo-Nepal regional cooperation.
Exam Points
River affected by the outburst: Kosi River.
Primary disaster trigger: Glacial lake outburst flood (GLOF).
Former Chief Justice of India and ex-Governor M.K. Narayanan emphasized that the health of Indian democracy depends fundamentally on protecting minority rights, upholding constitutional values, and ensuring independent institutions. Speaking at a public event, he warned that the rise of majoritarianism and identity politics could severely weaken democratic foundations if left unchecked. He called for greater institutional vigilance, safeguarding the independence of the judiciary and the Election Commission, and fostering active citizen participation to preserve constitutional morality.
Democracy requires active protection of minority rights and strict adherence to constitutional morality.
The rise of majoritarianism and identity politics poses a serious threat to democratic institutional frameworks.
An independent judiciary, free media, and a neutral Election Commission are vital for democratic survival.
Exam Points
Speaker: M.K. Narayanan (former CJI and ex-Governor of West Bengal).
Key institutions highlighted for protection: Judiciary, Election Commission, and media.
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