Diabytes
Merchant discount rate News
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As per its annual financial statements filed with the Registrar of Companies, the company’s total expenses increased by 3.9 per cent to Rs 779.4 crore in FY24, against Rs 750 crore in FY23.
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The RBI today capped charges on debit card transaction at Rs 200 for small merchants and Rs 1,000 for merchants with over Rs 20 lakh annual turnover.
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Aimed at encouraging digital transactions, the Reserve Bank on Thursday said it will soon come out with final guidelines on MDR charges on debit card payments.
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In an attempt to promote cashless transactions in the country, Reserve Bank of India (RBI) has given banks the freedom to fix bank service charges for transactions.
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Country's largest lender SBI has waived Merchant Discount Rate (MDR) on debit card transactions for all small merchants with annual turnover of up to Rs 20 lakh for one year.
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In order to promote digital payments, the Reserve Bank of India (RBI) lowered merchant discount rates or payments made by debit cards under Rs 2,000
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Leading banks, including ICICI Bank and HDFC Bank, have waived merchant discount rate (MDR) on debit cards till December 31 to facilitate payments by customers following government's move to do away with the charge levied on merchants.
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State Bank of India (SBI) waived merchant discount rate (MDR) on the RuPay Debit Cards with immediate effect.
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In order to promote less cash economy, the government has said it will bear the transaction cost for all payments made to it through debit or credit cards and net banking.
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