The Economic Times

Ministry of Finnace to engage with banks and traders to allay Merchant Discount Rate concerns

In an effort to shield consumers from additional Merchant Discount Rate (MDR) charges, the finance ministry is set to consult with the Indian Banks Association. Meetings with traders' organizations are also scheduled to directly address their concerns about the recent MDR levy. Effective from October 15, transactions exceeding 2,000 will incur a 0.