Demonetisation: SBI waives MDR on Master, Visa debit cards

By: |
New Delhi | November 24, 2016 6:14 PM

State Bank of India today said it has waived merchant discount rate (MDR) on Master and Visa debit cards, having already done so on RuPay debit cards last week to promote digital payments.

sbiThe country’s largest lender SBI said it has been taking all steps to reduce transitory inconvenience to its customers as also the public consequent on withdrawal of these notes from November 9.

State Bank of India today said it has waived merchant discount rate (MDR) on Master and Visa debit cards, having already done so on RuPay debit cards last week to promote digital payments. “With a view to encouraging the usage further, SBI will waive MDR on Master and Visa debit cards also with immediate effect up to December 31, 2016,” Chairman Arundhati Bhattacharya said in a statement.

The move follows government’s directive yesterday asking banks to facilitate digital transactions by waiving the MDR fee as Rs 500 and Rs 1,000 notes no longer remain a legal tender in an economy that is largely driven by cash dealings.

The country’s largest lender SBI said it has been taking all steps to reduce transitory inconvenience to its customers as also the public consequent on withdrawal of these notes from November 9.

SBI is offering convenient electronic and digital payment solutions to its customers through debit cards, pre-paid card, State Bank Buddy, Mingle, as well as internet and mobile banking services.

It has also strengthened its acquiring infrastructure to ensure seamless transactions, as also to supplement cash dispensation to customers through its innovative solutions like Cash@PoS, SBI said.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1RBI provides Rs 50,000-crore liquidity for extending Covid-19 loans to healthcare
2Loan recasts: Small borrowers get fresh relief from RBI
3Yes Bank expects 15% loan growth in FY22: Prashant Kumar, managing director and chief executive officer