State Bank of India (SBI) on Thursday said it has waived merchant discount rate (MDR) on Master and Visa debit cards, having already done so on RuPay debit cards last week to promote digital payments.
"With a view to encouraging the usage further, SBI will waive MDR on Master and Visa debit cards also with immediate effect up to December 31, 2016," Chairman Arundhati Bhattacharya said in a statement.
The move follows government's directive on Wednesday asking banks to facilitate digital transactions by waiving the MDR fee as Rs 500 and Rs 1,000 notes no longer remain a legal tender in an economy that is largely driven by cash dealings.
The country's largest lender SBI said it has been taking all steps to reduce transitory inconvenience to its customers as also the public consequent on withdrawal of these notes from November 9.
SBI is offering convenient electronic and digital payment solutions to its customers through debit cards, pre-paid card, State Bank Buddy, Mingle, as well as internet and mobile banking services.
It has also strengthened its acquiring infrastructure to ensure seamless transactions, as also to supplement cash dispensation to customers through its innovative solutions like Cash@PoS, SBI said.
By accepting cookies, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.
Exchange of old notes over the counter ends today
Govt extends exemptions on use of old Rs 500 note till December 15
SBI says has sufficient Rs 100 notes in ATMs, branches
State Bank of India launches 'SBI Pay' app 
Demonetization aftermath: SBI records nearly Rs 40,000 crore cash deposits so far