Indian Bank contemplates waiving acquiring bank charges for UPI MDR

Binod Kumar, MD and CEO of Indian BankChennai: In a bid to ease the proposed Merchant Discount Rate (MDR) charges on UPI transactions, public sector Indian Bank is considering to waive off the acquiring bank charges. Out of the 0.4% MDR to be introduced for Person-to-Merchant (P2M) UPI transactions from Oct 15, 0.28% share will go to the acquiring banks.