RBI sets cap on debit card usage fee

The Reserve Bank of India has set a cap on merchant discount rates,or usage fees, for debit card transactions from September 1 to encourage merchants to choose electronic payment mode over cash transactions, executive director G Padmanabhan said. “What we are struggling to achieve today in the country is whether the merchant on his own must be encouraged to receive a card transaction rather than a cash transaction,” he said on the sidelines of an event ...........

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