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Proposal to waive off bank transaction charges and decrease interest rate for credit cards to promote cashless transactions

News and Press Release - Dated:- 3-2-2017 - Reserve Bank of India (RBI) has given banks the freedom to fix bank service charges for transactions. RBI has deregulated interest rates on credit card dues. Interest rates are determined by banks with the .....

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l Development (NABARD) has approved a scheme for giving 0.5% incentive on payments made through the Aadhaar Enabled Payment System (AEPS) to merchants. In respect of debit card transactions on PoS devices, between 1.1.2017 and 31.3.2017, Merchant Dis .....

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ks and prepaid payment instrument issuers shall not levy any charges on customers for transactions up to ₹ 1,000 settled on Immediate Payment Service (IMPS), Unstructured Supplementary Service Data (USSD) and Unified Payments Interface (UPI). F .....

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; 1,000, with service tax being charged at actual; for USSD transactions till 31.3.2017 above ₹ 1,000, a further 50 paise discount is provided. NPCI has waived switching fees for RuPay Card transactions (both for PoS and e-commerce), IMPS, UPI, .....

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