BRIEF-India cenbank to reimburse MDR of debit card transactions

Last Updated: Thu, Feb 16, 2017 17:20 hrs

Feb 16 (Reuters) - Reserve Bank of India:

* Reimbursement of merchant discount rate

* India government decided to absorb MDR charges in respect of debit card transactions while making payments to GoI

* RBI will reimburse banks the MDR on debit cards used for payment of tax and non-tax dues to the Government of India with effect from January 1, 2017.

* Claims may be signed by the officer-in-charge of the government banking division of the bank

* "Agency banks are advised to forward claim for reimbursement of MDR along with statutory auditor’s certificate to our cas nagpur on a qtrly basis"

* Should also certify that MDR charges for transaction amounts upto INR 100,000 have not been collected from the payer

* First such claim may be made by April 30, 2017 for the quarter ending March 31, 2017 Source text:

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