Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
1-min read

Debit Card Charges May Decline Further to Promote Digital Economy: Jaitley

These charges have been introduced for the period from January 1, 2017, and will be applicable till March 31, 2017.

IANS

Updated:February 8, 2017, 8:36 AM IST
facebookTwitterskypewhatsapp
Debit Card Charges May Decline Further to Promote Digital Economy: Jaitley
Image is for representation purpose only. (File Photo)
Loading...

New Delhi: With a view to promote digital transactions, the Reserve Bank of India (RBI) is working to reduce the Marginal Discount Charges (MDR) for debit card transactions above Rs 2,000, Parliament was told on Tuesday.

"The RBI is deciding on this... it is work in progress. I am sure as volumes (of digital transactions) are increasing, the charges will come down," the Finance Minister Arun Jaitley told the Rajya Sabha during the Question Hour.

Jaitley said that under the Payments and Settlements Act, the RBI has recently fixed the MDR rate at 0.25 per cent for cash transactions upto Rs 1,000, while for transactions upto Rs 2,000 it has been fixed at 0.50 per cent.

These charges have been introduced for the period from January 1, 2017, and will be applicable till March 31, 2017.

As per the RBI's rate structure announced in 2012, the MDR for transactions valued above Rs 2,000 has been capped 1 per cent.

In response to another question, Jaitley described how the crucial decision on demonetisation of Rs 1,000 and Rs 500 notes was taken by the Reserve Bank of India (RBI) board at a day's notice.

He said while the formal decision on demonetisation was taken by the RBI on November 8, this had been preceded by a series of discussions started in February 2016.

Last month, RBI Governor Urjit Patel told a Parliamentary Committee that the apex bank had been "advised" by the government on November 7 to hold a board meeting on the issue.

The demonetisation decision was announced by Prime Minister Narendra Modi on November 8 following a meeting of the RBI board and also of the Union Cabinet.

To a separate question on whether it was the RBI that took the decision on its own or whether the government advised it to do so, Jaitley replied: "The RBI board met and independently applied its mind and made a recommendation to the government."

"A formal proposal to the RBI to consider this matter in the Board is sent by the Finance Ministry to the RBI Board and RBI independently considers it, applies its mind and accordingly makes its recommendation to the government."

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
Yes Bank 59.25 5.24
Indiabulls Hsg 467.85 3.84
Reliance 1,275.85 2.33
HDFC Bank 2,162.70 -0.52
ICICI Bank 395.40 -0.93
Company Price Change %Gain
Yes Bank 59.25 5.24
ICICI Bank 395.75 -0.85
Indiabulls Hsg 467.90 4.00
Bajaj Finance 3,175.35 1.85
Reliance 1,275.95 2.36
Top Gainers
Company Price Change %Gain
Zee Entertain 351.15 6.75
Vedanta 137.40 6.47
UPL 547.25 5.64
Yes Bank 59.25 5.24
BPCL 329.35 5.22
Company Price Change %Gain
Vedanta 137.50 6.55
Yes Bank 59.25 5.24
ONGC 122.30 4.66
M&M 533.10 4.09
Coal India 188.05 4.07
Top Losers
Company Price Change %Gain
IndusInd Bank 1,310.50 -1.88
ITC 236.10 -1.65
ICICI Bank 395.40 -0.93
Eicher Motors 15,383.45 -0.90
HUL 1,860.00 -0.65
Company Price Change %Gain
IndusInd Bank 1,310.35 -1.90
ITC 236.00 -1.71
ICICI Bank 395.75 -0.85
Power Grid Corp 201.40 -0.69
HUL 1,859.35 -0.69

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results