Finance minister: MDR charges not applicable for RuPay and UPI from 2020

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 ..

Topics: BHIM • Debit cards • Digital currency • digital economy • Merchant Discount Rate • NEFT • QR code • Union Finance Minister

Recommendations of the Nilekani Panel for strengthening Digital Payments

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

Topics: Digital Payments • IRDAI • KYC • less-cash economy • MDR • Merchant Discount Rate • National Common Mobility Card • NCMC • NEFT • Nilekani Panel • RBI • Reserve Bank of India • RTGS • SEBI

Government to bear MDR charges on transactions up to Rs.2000

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 ..

Month: Current Affairs - December, 2017

Topics: Banking • Cabinet Decisions • Cashless Economy • Digital Payments • Merchant Discount Rate • National