Banks instructed to clear pending vigilance cases against officials, says FM Sitharaman

Finance Minister Nirmala Sitharaman instructed public sector banks (PSBs) to clear pending vigilance cases against their officials for alleged malpractices.

The Minister also said no Merchant Discount Rate (MDR) charges will be applicable on select modes of payment from January 1. The modes of payment will be notified soon, Sitharaman said after a review meeting with heads of PSBs.

In her Budget speech in July, Sitharaman had proposed to waive MDR charges to spur digital payments. "I, therefore, propose that the business establishments with annual turnover more than ?50 crore shall offer such low-cost digital modes of payment to their customers and no charges or Merchant Discount Rate shall be imposed on customers as well as merchants."

"RBI and banks will absorb these costs from the savings that will accrue to them on account of handling less cash as people move to these digital modes of payment," she had said.

Also Read: Ratan Tata shares picture flying F18 Super Hornet on 82nd birthday; has a special message for youth

Also Read: Modi govt forms reform panel to review framework for economic indicators, includes critics too

Also Read: Indian economy will rebound soon; slowdown cyclical: Venkaiah Naidu