Updated By: LatestGKGS Desk
RBI lowers MDR charges for digital transactions less than Rs.2000
Reserve Bank of India lowers the charges on Debit card payments to promote cashless transactions
Reserve Bank declares that 0.25% charges on payment through debit card upto Rs.1000 and 0.5% charge on transaction less than 2000.
The charges are the discount rates that the merchants pay to banks for card payments below Rs.2000.
The merchants earlier did not adopt digital transactions due to charges
It is also declared that customers doing digital transactions below Rs.1000 done through UPI, USSD or IMPS.
The existing merchant discount rate charges (MDR) were 0.75% for Rs.1000 and upto Rs.2000 were 1%.
The new Merchant Discount Rate charges are proposed from 1st January 2017 till 31st March 2017.
The ATM transactions will not be affected by this changes.
