No MDR charges on payment modes to be notified on Jan 1: Finance Minister Sitharaman

0
76

The customers will not be charged merchant discount rates (MDRs) for transactions made through “payment modes” that will be notified from January 1, 2020.

“Those payment modes that will be notified from 1st January 2020 will not have charges under the MDR being levied on them,” Finance Minister Nirmala Sitharaman said on Saturday.

In her Union Budget announcement in July, Sitharaman had said that customers or merchants would not be charged MDRs as the Reserve Bank of India and banks would absorb the costs.

 

The Dispatch is present across a number of social media platforms. Subscribe to our YouTube channel for exciting videos; join us on Facebook, Intagram and Twitter for quick updates and discussions. We are also available on the Telegram. Follow us on Pinterest for thousands of pictures and graphics. We care to respond to text messages on WhatsApp at 8082480136 [No calls accepted]. To contribute an article or pitch a story idea, write to us at [email protected] |Click to know more about The Dispatch, our standards and policies   


TheDispatch Staff