Patience Pays: RBI lowers MDR rate for small merchants
LocalCircles directly and via Department of Consumer Affairs had been following up with RBI and Ministry of Finance to lower (merchant discount rates) MDR for merchants on debit and credit cards so the cashless transactions becomes more practical. This has been a big issue as many merchants continued to prefer cash post demonetisation as they were being charged 1-1.5% for debit card transactions.
We are pleased to share with you that testerday, RBI finally has fixed a lower MDR rate of 0.4% for small merchants and the maximum fee has been capped at INR 200. Beyond all debit card payments of INR 50,000 the small merchant will now pay a flat fee of INR 200 per transaction as opposed to today where they would be charged INR 500-750 on a INR 50,000 transaction.
Our sincere thanks to all circle members who continued to raise and support this issue over the last 12 months.
Please continue to raise other issues you are currently obeserving with cashless transactions and we will keep taking them up. Also, we would like to see some relief on credit card charges from the RBI and the Government as well.
We look forward to your inputs! more
We are pleased to share with you that testerday, RBI finally has fixed a lower MDR rate of 0.4% for small merchants and the maximum fee has been capped at INR 200. Beyond all debit card payments of INR 50,000 the small merchant will now pay a flat fee of INR 200 per transaction as opposed to today where they would be charged INR 500-750 on a INR 50,000 transaction.
Our sincere thanks to all circle members who continued to raise and support this issue over the last 12 months.
Please continue to raise other issues you are currently obeserving with cashless transactions and we will keep taking them up. Also, we would like to see some relief on credit card charges from the RBI and the Government as well.
We look forward to your inputs! more
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Even to this day electricity board in Telangana state are not accepting debit cards towards payment of bills .Pity that center is pushing for paperless ness for more than one year. more
Dec 20
States those are still befitting inevitably their supporting Businessmen are hand in gloves with Traders unusing Card and mail transactions and, not implementing even in Government Bodies in support .
GOI AND RBI TO REALIZE THE FACT TO MANDATE REQUISITE LAWS for successive Goal of Demonetization and, the GST Regulations of Returns at public and national interest . more
GOI AND RBI TO REALIZE THE FACT TO MANDATE REQUISITE LAWS for successive Goal of Demonetization and, the GST Regulations of Returns at public and national interest . more
Dec 20
I AM HAPPY TO ANNOUNCE THAT, OUR TAMILNADU ELECTRICITY BOARD IS ACCEPTING CREDIT/DEBIT CARDS FOR PAYMENT OF ELECTRICITY BILLS AND THIS SHOULD BE EXTENDED TO OTHER DEPARTMENTS TOO more
Dec 15
Follow basically AND teach to adhere SHALL BE THE GOVERNMENT MOTTO. The lapse of this motto in Rule disregarding the Directive Principles of Rule instigated certain people arose for individual interests and even to opt anti attitude in all for all Financial Benefits . This had paved the path of Criminal aptitude and attitude FOR WHICH THE GENERAL PUBLIC BECAME SCAPEGOATS. more
Dec 18
Cashless transaction charges both by merchants and banks must be NIL. To encourage cashless transactions, cash transaction charges of 1% or more be made mandatory. more
Dec 11
Currency is to be made Free mandating its worth guaranteed. Card, Mail-transfer, made costless and Cheque and Draft be continued with their charges of negotiation .
GOI and RBI have to mandate this since the issue of Card and e-transactions reduces Stationary Cost besides other establishment costs to Banking institutions . more
GOI and RBI have to mandate this since the issue of Card and e-transactions reduces Stationary Cost besides other establishment costs to Banking institutions . more
Dec 13
in banks they charge 5.9rs for each imps to other banks and also 250 rs for current account if not minimum balance maintained .other thing NBFC started charging 24%interest as proposed by govt of 11-12% more
Dec 09
Government bureaucrats are really stupid when they claim that billing of Rs. 50,000 or more takes place at small merchant establishments. Reduction of charges from 1% to 0.4% is chicken feed. These need to be reduced substantially to 0.001%. more
Dec 09
GOI and RBI to mandate Free Card and e-transactions since this reduces Stationary, est.costs to Banks and RBI more
Dec 13
