RBI's major decision on debit card transaction reduced, MDR charges reduced

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RBI's major decision on debit card transaction reduced, MDR charges reduced
News18 Gujarati 07 Dec 2017 11:07

The Reserve Bank of India has taken a major decision regarding the charges taken by the debit card. The Reserve Bank has made changes to bring merchant discount rate (MDR) at a reasonable level. Under which the merchant discount rate has been fixed for the transactions made by the debit card.
What will happen with the reduction in MDR?
If banks reduce MDR charges in the coming days, then the benefit will be to the aam aadmi. After the change in MDR charges, you will have to pay a non-refundable charge whenever you switch from Point of Sales Machine (POS) to debit card.
According to the RBI's new notification, the MDR charge has been fixed at 0.40 percent for small traders who make annual business upto 20 lakh. The maximum limit of charge for each transaction is Rs. 200 will be This charge will apply to debit cards made by online or POS by debit card.
Merchant will have to pay 0.30% charge on QR code based transaction. The maximum limit for each transaction is Rs. 200 will be If the annual turnover of a merchant's branch is more than Rs 20 lakh, then he will have to pay 0.90% of the MDR charge. In each transaction, the limit of Rs. 1000 will be In which the transaction fee will be charged by 0.80% on the transaction, the maximum charge is Rs. 1000 will be
What is MDR?
A bank offers debit and credit card services to a merchant or business unit, which in turn charges the merchant discount rate, which is MDR.
Cashless transaction is increasing in the country
The Modi government's focus is constantly increasing on digital economy. Cashless transaction is increasing due to this. According to the National Payment Corporation of India, there was a 38% increase in the number of user transactions in November. The total number of transactions reached 10.5 crore. NPCI operates the UI platform. In November, the transaction value of the transaction increased 37% to Rs 9,679 crore, from Rs 7,057 crore in October.
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