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Promotion of Payments through cards and digital means

News and Press Release - Dated:- 25-2-2016 - The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval for introduction of steps for . The move aims at reducing cash transactions. Several short term (to be implemented .....

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ments and collections to cashless mode, discourage transactions in cash by providing access to financial payment services to the citizens to conduct transactions through card/ digital means and shifting payment ecosystem from cash dominated to non-ca .....

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of appropriate acceptance infrastructure in Government Departments/ organisations; rationalization of Merchant Discount Rate (MDR) on card transactions and a differentiated MDR framework for some key transaction segments; mandating payments beyond a .....

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e banking; and creation of necessary assurance mechanisms for quick resolution of fraudulent transactions and review the payments ecosystem in the country. Background: The infrastructure of card/ digital payments is growing, but remains modest in com .....

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ile the payment system initiatives taken in the form of Electronic Clearing Service Scheme, National Electronic Funds Transfer, Real Time Gross Settlement Scheme etc. have been impressive, the benefits of modern card/ digital payment systems are yet .....

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