RBI's new rules on interchange fee, 24/7 bulk clearing facility functional

The Reserve Bank of India's new directions on raising interchange fee and making available the facility of bulk clearing round the clock have become effective from Sunday onwards. The RBI in June raised the interchange fee for financial transactions from Rs 15 to Rs 17, while for non-financial transactions the increase was done from Rs 5 to Rs 6. These new rates have become applicable from August 1, 2021, as per the RBI's direction.

from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News https://ift.tt/3j84WSc