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Modi govt has some good news for debit card users. And here’s what it is!

Debit card transaction fee waived off by Modi govt (Pic Courtesy: LiveMint/DNA)
Debit card transaction fee waived off by Modi govt (Pic Courtesy: LiveMint/DNA)

Debit card transaction fee waived off by Modi govt (Pic Courtesy: LiveMint/DNA)

It’s been sixteen days since Prime Minister Narendra Modi announced his demonetisation move, and people are still going through the cash crunch in the banks. And while there is a mixed opinion about the decision among the public, the government is trying hard to ease the situation.

And they have come up with a new way to encourage people to go cashless. The Secretary of Economic Affairs Shaktikanta Das announced on Wednesday that the government has asked them to waive off the transaction fee charged on the debit card payments until December 31.

Das said that all public sector and some private sector banks have agreed to waive the transaction cost for all the payments made through debit cards.

Das: ‘Public sector banks and some of the private sector banks, and some of the service providers who provide switching services, have agreed to waive the service charges on the use of debit cards up to December 31, 2016.’

This move came after the government decided to encourage more and more people for digital payments post demonetisation.

Presently, only the international companies like Visa and Mastercard charge transaction charges, and as far as RuPay cards are concerned, no transaction charges are applicable. The Merchant Discount Rate (MDR) has to be paid by the customers currently.

And on this, Das said, ‘The Reserve Bank in 2012 had capped the MDR for debit card transaction at 0.75 per cent for transaction values up to Rs 2,000 and at 1 per cent for transaction values above Rs 2,000. However, there is no RBI cap on MDR on credit card payments.’

So, what do you think about this move?

Here’s how Renuka Shahane thrashed PM Modi for demonetisation!

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