RBI stays firm on MDR revision

The Reserve Bank of India (RBI) made it clear on Wednesday that it would stay firm on recent revisions to the merchant discount rate (MDR). 

Retailers across the country are protesting against the RBI’s move to “rationalise” the MDR based on the turnover of the merchant establishment. 

The MDR is the rate charged to a merchant by a bank for providing debit and credit card services. Under the revised rule, merchants with a turnover of more than Rs 20 lakh would have to pay a maximum MDR of 0.9 per cent of the transaction value to banks. But for smaller establishments, the