New Delhi: Finance minister Nirmala Sitharaman met representatives of small traders on Wednesday, after which they withdrew the proposed 'No UPI Day' protest on October 2.

"In view of the constructive discussions and the assurance that the concerns raised by the trading community will receive due consideration, the All India Consumer Products Distributors Federation (AICPDF) and the All India Mobile Retailers Association (AIMRA) have decided to withdraw the protest call," Praveen Khandelwal, secretary general of the Confederation of All India Traders (CAIT), said after the meeting.

A delegation of around 20 senior trade and retail leaders met Sitharaman and presented their concerns and suggestions on the proposed UPI MDR.

AICPDF and AIMRA have sought deferment of the proposed MDR in view of the upcoming festive season and heightened business activity, besides a review of the ₹1 lakh threshold, which they want increased to ₹5 lakh. They have also sought that merchant-to-merchant transactions be kept outside the MDR regime, stating such transactions are an important part of the trading ecosystem.