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Here are the implications on the RBI notification on MDR for govt transactions

There is some confusion for the government's drive for increasing card transactions. The Reserve Bank of India (RBI) has instructed banks not to deduct MDR charges from government receipts and that they should remit the full amount paid to the government by card customers to the concerned government and ministry. MDR is an interbank fee levied on merchants for facilitating a card transaction. The RBI also clarified that it is not absorbing the MDR of credit card transactions and the MDR on debit transactions above Rs 1 lakh. On February 2017, while trying to boost card payments, the government of India decided to absorb MDR on debit card transactions while making payments to the government. Banks were needed to forward their claims for reimbursement on a quarterly basis. The claims are supposed to be signed by the bank's officer in charge of government banking the officer was…

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