No Charges on Debit Card Transactions Upto ₹2000

Customers will not have to pay any transaction charges for payments through debit card, BHIM App and other payment made for upto ₹2000 from Monday onwards. Last Month, Union Cabinet approved a proposal that Government will bear the merchant discount rate (MDR) charges on transactions upto ₹2000 made through debit cards, BHIM UPI, or Aadhaar enabled payment systems to promote digital transactions.

Happy Digital 2018 December Quarter BHIM transaction rises 86% to 145.6 million with value of ₹13,174 crore, financial services Secretary Rajeev Kumar tweeted. “Further impetus to digital payments, government to reimburse charges for transactions upto ₹2000 on debit cards/ BHIM. Zero charges on merchants Go digital, embrace transparency" he said.

The merchant discount rate will be borne by the government for two years with effect from Jan 1st 2018 by reimbursing the same to banks. The move will have an impact of ₹2512 crore on the ex-chequer. The decision was taken at the cabinet meeting chaired by Prime Minister Narendra Modi.

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