Merchant Discount Rate Current Affairs, GK & News
On December 28, 2019, Finance Minister Nirmala Sitaraman announced that Merchant Discount Rate (MDR) will not be applicable on bank transactions made through RuPay and UPI platforms. Highlights The Finance Ministry has directed the banks to start campaigns to popularize UPI and RuPay debit cards. Also, the banking companies with an annual turnover more than ..
The panel headed by Nandan Nilekani has submitted the recommendations to the Reserve Bank of India (RBI) for strengthening digital payments ecosystem. Recommendations of the Nilekani Panel The committee has listed a comprehensive set of regulatory interventions that will be needed to achieve the goal of a less-cash economy. The recommendations include: Easing KYC costs ..
Category: Economy & Banking Current Affairs
The Union Cabinet has decided that Government will borne Merchant Discount Rate (MDR) charges on transactions up to Rs. 2,000 made through debit cards, BHIM UPI or Aadhaar-enabled payment systems (AePS) to promote digital transactions. It will be for two years with effect from 1 January, 2018 by reimbursing the same to the banks. Cost ..