The Union Cabinet chaired by Prime Minister Shri Narendra Modi has approved subsidizing MDR charges on debit card/BHIM UPI/AePS transactions of value less than Rs.2000 with effect from 1 January 2018, to aid adoption of digital modes of payments by merchants. This shows the commitment of the government to Digital India initiative and comes as a huge relief for the retailers across the country as effectively they will pay zero MDR on accepting digital payments below Rs 2000. Read the official notification here...