RBI to Boost Cashless Transactions

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Reserve Bank of India is taking necessary steps to boost cashless transactions, it is set to issue a direction to banks or improving the acceptance infrastructure. RBI will pass regulation in rationalizing the merchant discount rate – the charges imposed by card companies on retailers.

Boost to cashless transactions:

Screenshot_1“Under the Payments and Settlement Systems Act 2007, the RBI has the authority to issue directions relating to charges on card payments,” said A P Hota, MD & CEO, NPCI. Read more

Sweekar S

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