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SBI waives card transaction fee for small merchants

Mumbai: In a bid to boost digital transactions, the State Bank of India (SBI) on Monday said it has waived off the card transaction fee or the Merchant Discount Rate (MDR) charges till the end of this year for small traders with an annual turnover of Rs 20 lakh.

“State Bank of India has decided to waive completely the MDR charges on debit card transactions for all small merchants having annual turnover of up to Rs 20 lakh, for a period of one year i.e. up to December 31, 2017,” the state-run lender said here in a statement.

The move is targeted primarily towards a segment of population and small merchants, who have not yet experienced the convenience of card payments, it said.

–IANS