Zero percent MDR with reimbursement would be an ideal move, says Vijay Shekar Sharma.
The all-digital product will help users grow their savings by earning higher short-term FD-like returns with the ease and liquidity of a Savings Account, the company said in a press note.
Digital payments have grown by leaps and bounds since PM Modi embarked on a drive for financial inclusion.
The overall investments in the fintech sector was $7.4 billion in the decade ended 2019.
The sector had attracted investments worth $121 million in 2017.
Zero MDR would disincentivise banks to issue RuPay cards and they would prefer its rivals, SBI has said.
Moderation was visible in 2016, which logged the lowest pace of credit expansion at 6 per cent.
A total of 19 crore transactions worth Rs 9,300 crore were recorded on the channel.
Credit flow to MSMEs shrinks as lenders turn cautious owing to economic slump. The contraction in gross credit flow to the sector could be on the back of risk-averse lending by top banks as slowing consumption and stalling manufacturing growth. Between November 2018 and 2019, gross loans to micro and small industries fell 0.1%.
About 6.4 crore transactions FASTag transactions worth Rs.1256 crore was processed in December as against 3.4 crore transactions worth Rs.774 crore in November, the latest National Payments Corporation of India (NPCI) data released on Wednesday showed. A total of three crore 3.1 crore transactions worth Rs.703 crore in October was processed.
- No blogs yet have been written by the author, we’re sure the author will contribute one soon