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BRIEF-RBI rationalises merchant discount rate for transactions up to 2000 rupees
December 16, 2016 / 11:49 AM / 10 months ago

BRIEF-RBI rationalises merchant discount rate for transactions up to 2000 rupees

Dec 16 (Reuters) - Reserve Bank of India:

* Special measures upto March 31, 2017: Rationalisation of merchant discount rate (MDR) for transactions upto INR 2000

* Says for transactions upto 1000 rupees MDR shall be capped at 0.25% of the transaction value

* For transactions above 1000 rupees and upto 2000 rupees , MDR shall be capped at 0.5% of the transaction value

* Measures shall not apply to ATM transactions

* Measures shall come into effect from January 1, 2017 and shall be applicable till March 31, 2017

* In intervening period, RBI will review framework for charges for electronic payment transactions, in consultation with the stakeholders. Source text: bit.ly/2hEUdOn

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