Issuers of prepaid payment instruments (PPIs) are unhappy as they are treated as merchants liable to pay MDR.
The issue came to light after the State Level Bankers Committee (SLBC) revised its loan waiver for farmers’ accounts list almost thrice.
Delhi follows Mumbai (both districts) with Rs 9.4 lakh crore of bank loans.
For now, Parliament is ill-equipped to oversee economic issues in an integrated way
The RBI panel said there have been several significant developments in the recent period which augur well for growth prospects, going forward.
Merchant discount rates for small merchants have been fixed at 0.40% with a cap of Rs 200 per transaction by debit cards through PoS machines or online transactions.
According to Patel, this is to ensure that the money is utilised to strengthen public sector bank balance sheet and “not to sow the seeds for the next boom and bust cycle” of lending.
The central bank raises inflation forecast to 4.3-4.7 per cent in the third and fourth quarters of the current fiscal, decides to rationalise charges on debit card transactions to boost digital payments
The monetary authority will announce its decision at 2.30 pm in Mumbai followed by a press conference 15 minutes later.
“They believe inflation will rise, but you know their predictions of inflation have always been overestimated.”
The statement was issued after the cryptocurrency, which trades 24 hours a day and seven days a week, climbed as high as $11,799.99 on the Bitstamp exchange on Sunday.
The year-on-year (YoY) CPI inflation hardened to a seven-month high 3.6 per cent in October 2017 from 3.3 per cent in September 2017.
Advance-related frauds in last 3 years adds up to about 8% of GNPAs of PSBs.
The Reserve Bank is likely to reiterate its stance of bringing systemic liquidity closer to neutrality on December 6, and primarily use overnight and term repos under the LAF to manage liquidity in the near term.
These bonds are likely to be issued by the RBI and some public sector banks and will have a limited validity during which these can be deposited into designated accounts of the political parties.