For Unstructured
Supplementary Service Data (USSD) transactions above Rs. 1000/-, a further
discount of Fifty (50) Paise on these rates shall apply.
In line with the Central Government’s objective of promotion of payments
through cards and digital means over payments in cash, the Reserve
Bank of India (RBI) has recently rationalized customer charges for transactions
up to Rs. 1000/- settled on Immediate Payment Service (IMPS), Unified Payments
Interface (UPI) and Unstructured Supplementary Service Data (USSD) with effect
from 01.01.2017 till 31.03.2017. RBI has also rationalized the
Merchant Discount Rate (MDR) for debit card transactions up to Rs. 2000/- with
effect from 01.01.2017 till 31.03.2017.
In order to further promote digital and card payments, the Department of
Financial Services (DFS), Ministry of Finance has issued a direction in public
interest to all Public Sector Banks(PSBs), in accordance with which these
banks shall not charge fees for transactions settled on Immediate Payment
Service (IMPS) and Unified Payments Interface (UPI) in excess of rates charged
for National Electronic Funds Transfer (NEFT) for transactions above Rs.
1000/-, with service tax being charged at actuals. For Unstructured
Supplementary Service Data (USSD) transactions above Rs. 1000/-, a further
discount of fifty paise on these rates shall apply.
This direction shall apply for all transactions up to 31.03.2017.
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DSM