Wednesday, 3 January 2018

No Charges on Debit Card Transactions up to Rs 2,000: Finance Ministry


Customers will not have to pay any transaction charges for payments through debit card, BHIM app and other payment made for up to Rs 2,000.

Union Cabinet had recently approved a proposal that government will bear the merchant discount rate (MDR) charges on transactions up to Rs 2,000 made through debit cards, BHIM UPI or Aadhaar-enabled payment systems to promote digital transactions.

The merchant discount rate (MDR) will be borne by the government for two years with effect from January 1, 2018 by reimbursing the same to banks.

Source- The Moneycontrol

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