समाचार में क्यों
- Government notified changes under the Payment and Settlement Systems Act, 2007 barring bank charges on digital transactions up to Rs 2,000 via UPI and RuPay debit cards.
मुख्य शब्द
Merchant Discount Rate (MDR)
Fee charged to a merchant by a bank for accepting payments from customers via digital instruments.
Payment System
A system that enables payment to be effected between a payer and a beneficiary involving clearing, payment, or settlement operations.
What is the Payment and Settlement Systems Act, 2007?
- Central statute enacted in 2007 that designates the Reserve Bank of India (RBI) as the designated authority for regulating payment systems in India.
- It empowers the Union Government and RBI to formulate rules regarding Merchant Discount Rate (MDR) and transaction fee caps for digital payment infrastructure.
Key changes
- Before: Banks could impose charges or transaction fees on merchant payments below specified limits unless explicitly prohibited by executive orders.
- After: Explicit prohibition enforced under statutory notifications barring banks from levying charges on transactions up to Rs 2,000 made through RuPay debit cards and Unified Payments Interface (UPI).
Why it matters
- Promotes financial inclusion and small-ticket digital payments while eliminating transaction friction for micro-merchants.
- Prelims relevance lies in knowing the governing statute for digital payment notifications and RBI authority.
प्रीलिम्स तथ्य
- Payment and Settlement Systems Act, 2007 empowers RBI as the primary payment regulator.
मेंस चर्चा
- Impact of zero-MDR policy on digital payment adoption versus banking sector profitability.
स्रोत: The Hindu
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