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Government to bear MDR on transactions up to Rs 2,000 (Lead)

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New Delhi, Dec 15 (IANS) In a bid to encourage electronic payments, the central government will reimburse the Merchant Discount Rate (MDR) applicable on transactions up to Rs 2,000 for the next two years.

According to the Minister of Electronics, IT and Law and Justice Ravi Shankar Prasad, the government will reimburse the MDR levied on transactions conducted via debit cards, BHIM UPI and Aadhaar enabled Payment System (AePS) on a transaction value of up to Rs 2,000 from January 1, 2018.

The decision to reimburse MDR to banks was taken by the Union Cabinet in its meeting held on Friday.

“The government today has taken a very major decision to accelerate digital payments in the country — MDR charges — of up to transactions worth Rs 2,000 shall now be reimbursed by the government,” Prasad said at a press conference after the Cabinet meeting.

Consequent to the decision, transactions less than Rs 2,000 in value will not bear any additional form of MDR.

The reimbursements are estimated to cost the state exchequer Rs 1,050 crore in FY2018-19 and Rs 1,462 crore in FY2019-20.

The decision also entails formation of a committee comprising of “Secretary Department of Financial Services, Secretary Ministry of Electronics and IT and the CEO, National Payment Corporation of India (NPCI)” to look into the industry cost structure of such transactions which will form the basis to determine the levels of reimbursement.

The Union cabinet’s decision follows the December 6, 2017 norms issued by the Reserve Bank of India (RBI) which put a cap on MDR applicable on transactions conducted via debit cards from January 1, 2018.

The RBI capped MDR for debit card transactions based on two newly created categories — small merchants with turnover up to Rs 20 lakh and other merchants with turnover above Rs 20 lakh.

Accordingly, cap on PoS (Point of Sales) was kept at Rs 1,000 per transaction or 0.90 per cent of the transaction value for “other merchants”, while that of Rs 200 or 0.40 per cent has been set for “small merchants”.

The MDR for QR code-based transaction has been capped at Rs 200 or 0.30 per cent for “small merchants” and Rs 1,000 or 0.80 per cent for “other merchants”.

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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