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In order to further promote digital and card payments, the Central Government has asked the Public Sector Banks (PSBs) not to charge fees for transactions settled on Immediate Payment Service (IMPS) and Unified Payments Interface (UPI) in excess of rates charged for National Electronic Funds Transfer (NEFT) for transactions above Rs. 1000/-, with service tax being charged at actual.
For Unstructured Supplementary Service Data (USSD) transactions above Rs. 1000/-, a further discount of Fifty (50) Paise on these rates shall apply, the Ministry said.
* 4% Subsidy in interest rate for Housing Loan up to Rs 9 lac.
* 3% Subsidy in interest rate for Housing Loan up to Rs 12 lac.
* Loan at 3% on Housing in rural areas for construction/renovation of home.
* Small traders Credit Guarantee increased from Rs 1 cr to Rs 2 cr loan.
* 60 days Interest on Agriculture loan from cooperative bank will be paid by Govt.
* Mudra loan may be doubled.
* Rs 6000 will be paid to pregnant women in rural areas.
* For senior citizens, 8% interest to be fixed for 10 years FD up to Rs 7.5 lac.
In line with the Central Government’s objective of promotion of payments through cards and digital means over payments in cash, the RBI has recently rationalized customer charges for transactions up to Rs. 1000/- settled on IMPS, UPI and Unstructured Supplementary Service Data (USSD) with effect from 01.01.2017 till 31.03.2017.
RBI has also rationalized the Merchant Discount Rate (MDR) for debit card transactions up to Rs. 2000/- with effect from 01.01.2017 till 31.03.2017.
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