{"id":33183,"date":"2018-10-30T11:17:09","date_gmt":"2018-10-30T05:47:09","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=33183"},"modified":"2018-10-30T11:17:09","modified_gmt":"2018-10-30T05:47:09","slug":"govt-to-return-mdr-to-banks-to-boost-digital","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/govt-to-return-mdr-to-banks-to-boost-digital\/","title":{"rendered":"Govt.\u00a0to\u00a0return\u00a0MDR\u00a0to banks\u00a0to\u00a0boost\u00a0digital:"},"content":{"rendered":"<p><a href=\"http:\/\/www.thehindu.com\/business\/govt-to-return-mdr-to-boost-digital-payments\/article21720539.ece\"><strong>Govt.\u00a0to\u00a0return\u00a0MDR\u00a0to banks\u00a0to\u00a0boost\u00a0digital<\/strong><\/a><strong>:<\/strong><\/p>\n<p><strong>Context<\/strong><\/p>\n<p>The Centre said it would reimburse the merchant discount rate (MDR) applicable on digital transactions up to \u20b92,000 for the next two years to give a fillip to digital payments in the country.<\/p>\n<p><strong>To cover transactions of up to \u20b92,000<\/strong><\/p>\n<ul>\n<li>This will be applicable on transactions done using debit cards, UPI BHIM application or Aadhaar.<\/li>\n<li>The decision, cleared by the Cabinet, was expected to cost the exchequer more than \u20b92,500 crore.<\/li>\n<\/ul>\n<p><strong>MDR<\/strong><\/p>\n<p>MDR is payable by the merchant to the bank when a payment is made at a merchant point of sale<\/p>\n<p><strong>Data<\/strong><\/p>\n<p>As per government\u2019s estimates, the total MDR to be reimbursed to the banks in respect of transactions worth less than \u20b92,000 in value would be \u20b91,050 crore in FY 2018-19 and \u20b91,462 crore in FY 2019-20.<\/p>\n<p><strong>High Volume<\/strong><\/p>\n<p>Digital transaction below \u20b92,000 account for about 15-20% of the payments in terms of value. In volume terms, it was much higher.<\/p>\n<p><strong>The Committee<\/strong><\/p>\n<ul>\n<li>A Committee comprising Secretary, Department of Financial Services, Secretary Ministry of Electronics &amp; IT and the CEO, National Payment Corporation of India (NPCI) will look into the industry\u2019s cost structure of such transactions to determine reimbursement level.<\/li>\n<li>The committee will also see that the scheme is not misused<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Govt.\u00a0to\u00a0return\u00a0MDR\u00a0to banks\u00a0to\u00a0boost\u00a0digital: Context The Centre said it would reimburse the merchant discount rate (MDR) applicable on digital transactions up to \u20b92,000 for the next two years to give a fillip to digital payments in the country. To cover transactions of up to \u20b92,000 This will be applicable on transactions done using debit cards, UPI BHIM&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/govt-to-return-mdr-to-banks-to-boost-digital\/\">Continue reading <span class=\"screen-reader-text\">Govt.\u00a0to\u00a0return\u00a0MDR\u00a0to banks\u00a0to\u00a0boost\u00a0digital:<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-33183","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704859230},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/33183","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=33183"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/33183\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=33183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=33183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=33183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}