Govt to reimburse MDR charges for transactions upto Rs 2000
Written by : SMTV24x7 | Fri, Dec 15, 2017, 05:11 PM
New Delhi Dec 15: The union cabinet under the chairmanship of PM Modi had taken some crucial decisions. The decisions were briefed to the media by law minister Ravi Shankar Prasad.
Reimbursement of MDR: The government in a move to further improve the digital transactions has decided to reimburse the Merchant Discount Rates (MDR) to the merchants and banks upon payments up to Rs 2000 using a Debit card, UPI and Aadhar Enabled Payment.
currently, the MDR is charged from customers by Banks upon digital payments and the rate is being fixed by RBI.
A secretary committee has been formed to monitor the system and the government will bear the costs for next 2 years. Minister said that this decision is a big relief to customers who make small digital payments.