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The finance minister of india
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“Supervision is fine but not suspicion”. These are not the words of an irate teenager to her parents, as one would suppose. These are the words of the chairman of India’s largest industrial group, the Tatas, to the prime minister (PM) of India and his government. That the employer of three-quarters of a million people should say this reflects the current hapless state of India Inc. … [Read more...] about Judge the budget by its tax revenue growth figure | Opinion
To boost the digital payment economy, Finance Minister Nirmala Sitharaman, abolished MDR a month ago. But Indian banks have shown their reservations against the move and have asked FM to review the decision. Indian Bankers Association, IBA representative body of Public Sector Banks PSBs in India has given a presentation to Finance Minister."We have given a detailed presentation to finance minister and shared our views,” said, VG Kannan, former CEO, IBA. Why banks want MDR? When a customer shops by using debit or credit card at any shop, the merchant pays a certain amount to banks, financial institutions or payment companies which are actually processing the transaction. Though this is not the significant portion of the revenue for banks, banks don't want to lose it." Suppose, there is one particular facility- the ATM, and there are no fees or charges, then what is the incentive for having such ATMs? Similarly, the MDR is shared by three different people- the acquirer, the banker, … [Read more...] about Reverse the MDR says Bankers to FM.
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