Current affairs, 15 September 2026: UPI stays free for P2P and ~96% of P2M payments, and Sports Ministry sets up an F1 revival task force

15 September 2026 clarifies the UPI MDR framework for consumers and merchants, and sees the Sports Ministry move to revive Formula 1 in India — both institution-and-number questions.

UPI: P2P free, ~96% of P2M unaffected

PIB confirmed that the new UPI MDR framework leaves all person-to-person (P2P) transfers completely free, regardless of amount — covering roughly 70% of total UPI transaction value outside the MDR regime. Person-to-merchant (P2M) payments up to ₹2,000 stay zero-MDR, as do P2PM small merchants receiving up to ₹1 lakh/month via UPI QR codes; together, about 96% of P2M transactions remain unaffected. MDR applies only to specified P2M transactions above ₹2,000: 0.4%, capped at ₹300 for payments of ₹75,000 or more; essential sectors above ₹2,000 attract a flat ₹5 charge, and capital-market UPI payments 0.02% (cap ₹300). The framework takes effect from 15 October 2026 under the Payment and Settlement Systems Act, 2007; consumers cannot be charged, and 5% of MDR collections will fund wider UPI adoption among small merchants. PIB · DFS FAQs

Sports Ministry: 10-member F1 revival task force

Sports Minister Mansukh Mandaviya announced a 10-member Task Force, chaired by NITI Aayog Programme Director Yugal Kishore Joshi, to assess reviving Formula 1 and developing India’s motorsports ecosystem, with a possible 2028 Grand Prix target. The panel includes Joint Secretary (Sports) Kunal, representatives from CBIC, CBDT, Tourism, Commerce, Uttar Pradesh and Maharashtra, Buddh International Circuit (BIC), Madras International Circuit (MIC) and FMSCI. India last hosted an F1 race at BIC, Greater Noida, in 2013; the task force will examine taxation, infrastructure, PPP models and policy interventions that previously hindered the sport’s return. The Hindu

Why it matters for an exam: UPI MDR = P2P free + 96% P2M unaffected + 0.4% above ₹2,000 (cap ₹300) + effective 15 Oct 2026; F1 task force = 10 members, NITI Aayog chair, 2028 target, BIC 2013.

What to write in your notebook

Three lines:

1. UPI MDR: P2P fully free; ~96% P2M unaffected; 0.4% MDR on specified P2M above ₹2,000 (cap ₹300 at ₹75,000+); effective 15 Oct 2026.
2. Small merchants: P2PM QR merchants up to ₹1 lakh/month = zero MDR; 5% of MDR collections to adoption fund.
3. F1 task force: 10 members; chair Yugal Kishore Joshi (NITI Aayog); target 2028 GP; last Indian GP 2013 (BIC).