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<ul><li>India’s telecom regulator wants to make mobile banking services via <keyword id="6489284" type="General" weightage="80" keywordseo="ussd" source="Orion">USSD</keyword> free.</li><li>It is however facing opposition from two of India’s leading telecom players, <keyword id="15491" type="General" weightage="80" keywordseo="airtel" source="Orion">Airtel</keyword> and <keyword id="1553175" type="General" weightage="100" keywordseo="vodafone-idea" source="Orion">Vodafone Idea</keyword>.</li><li>While Airtel wants to be compensated if the charges are reduced to zero, Vodafone Idea stated that the costs would be substantial.</li></ul>Airtel and Vodafone Idea, India’s two leading telecom players, do not want feature phone users to use mobile banking services via USSD for free. The telcos reportedly revealed this in response to a proposal by the Telecom Regulatory Authority of India (<keyword id="6356988" type="General" weightage="20" keywordseo="trai" source="Orion">TRAI</keyword>) to reduce <keyword id="12723416" type="General" weightage="20" keywordseo="USSD-charges" source="Orion">USSD charges</keyword> for mobile banking to zero. Currently, this costs ₹0.50 per session, down from the initial charges of ₹1.50 per session. USSD is short form for unstructured supplementary service data. Mobile banking services through USSD can be accessed using the *99# short code. Users can retrieve their mobile balance, mini statement, generate one-time passwords for banking services, and transfer funds via this service. Announcing its proposal, TRAI said, “The Authority proposes to revise the framework for USSD-based mobile banking and payment services by prescribing a “nil” charge per session as rationalisation is a necessity to protect interests of target user groups and promote digital financial inclusion.” In response to this, Airtel said it should be suitably compensated by the concerned stakeholders – likely the government and banks – if the charges are reduced to zero, according to a report by <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/telcos-against-zero-tariffs-for-ussd-based-services/articleshow/88246579.cms?from=mdr">ET Telecom</a>. Vodafone Idea was quoted as saying that the “costs per unit would be substantial” if the volumes of <keyword id="12724373" type="General" weightage="20" keywordseo="USSD-mobile-banking" source="Orion">USSD mobile banking</keyword> transactions are concerned. Business Insider India has reached out to both Airtel and Vodafone Idea for further comments. We will update the story if and when we receive a response. <cmsannotation type="cmsannotation" annotationid="What is USSD and why is it important for Indian users?" comment="subhead" text="What is USSD and why is it important for Indian users?">What is USSD and why is it important for Indian users?</cmsannotation> USSD is a feature that allows users without smartphones to access services like peer-to-peer payments, checking bank account balances and other banking services, without the need for a smartphone or mobile internet services. Essentially, access to banking services via USSD benefits feature phone users the most – there are over 350 million feature phone users in India, according to an IDC report. Apart from this, the Reserve Bank of India announced last week that it will soon expand the availability of the ubiquitous <keyword id="2736678" type="General" weightage="20" keywordseo="unified-payments-interface" source="Orion">Unified Payments Interface</keyword> (UPI) service to feature phones as well, allowing hundreds of millions of users to make quick payments without smartphones. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/shares-of-tega-industries-list-at-753-while-the-shares-were-allotted-at-453-per-share/articleshow/88249181.cms">Tega Industries meets its GMP of ₹300 and lists at 66% premium</a> <a href="https://www.businessinsider.in/stock-market/news/tega-industries-vedanta-spicejet-and-other-top-stocks-to-watch-out-for-on-december-13/slidelist/88247469.cms">Tega Industries, Vedanta, SpiceJet and other top stocks to watch out for on December 13</a> <a href="https://www.businessinsider.in/stock-market/news/makemyindias-ipo-has-been-subscribed-six-times/articleshow/88209139.cms">It’s the last day to subscribe to MapmyIndia’s IPO, which is oversubscribed by six times</a>

TRAI’s push to make mobile banking services via USSD free faces stiff opposition from Airtel, Vodafone Idea

Vodafone mobile, internet, fixed line, broadband and other services have got a huge following in India. If you are a Vodafone customer, you may want to know the various numbers, codes and facilities offered by the network to check your balance and do the recharge you want. Here are the <keyword id="8904764" type="UNKNOWN" weightage="20" keywordseo="vodafone-recharge-checking-number">Vodafone recharge checking number</keyword> you can depend on for easy balance and validity details and recharge. When you want to recharge your Vodafone account, you might want to know the plans, offers and packages the network provider offers. The detailed list of codes given below will help you find out the easy and suitable ways to recharge your Vodafone account the way it suits you. <keyword id="7723103" type="UNKNOWN" weightage="20" keywordseo="vodafone-ussd-codes">Vodafone USSD Codes</keyword> you can use to know your balance information Check main balance: *111*2# or *141# Check GPRS or internet balance: *111*6*2# Check free SMS balance of Vodafone: *157# Check free Minutes in Vodafone: *156# Check validity of Vodafone number: *146# Check Mobile number with main balance: *111*2# Vodafone Alert: *123# Vodafone Best fit offers: *121# Know 3G data card balance: *111*5*2# Balance transfer from one phone to other: 131*&lt;Amount&gt;&lt;Receiver mobile no&gt;# Vodafone USSD Recharge Codes for prepaid users Vodafone Amazing Offers And Deals Check Code: *111*1# Vodafone Best Offer Check Code: *111*1*1# Vodafone My Delights Check Code: *111*1*2 Vodafone Last 3 Charges Check Code: *111*3*2# Vodafone Last 3 Recharges Check Code: *111*3*3# Vodafone Tariff Plan Details Check Code: *111*4# Vodafone My Plan rates Check Code: *111*4*1# Vodafone Bonus/Promotional balances Check Code: *111*4*2# Vodafone Active Plan Validity Check Code: *111*4*3# Vodafone VAS and Services Check Code: *111*5# Vodafone recharge codes Vodafone ussd code to check your data balance: Send SMS as DATA BAL to 144 Vodafone 2G pack for 1 day GPRS: *444*444#(Rs.8/-) 30 MB Vodafone 2G pack for 2 days GPRS: *444*17# (Rs.17/-) 70 MB Vodafone 2G pack for 7 days GPRS: *444*75# (Rs.75) 300 MB Activate One day Vodafone internet: *444*5# Rs 8, 20 Mb 3G plan: *444*8# 1 day GPRS 2G pack: *121*05# 3 Days GPRS pack 2G: *121*14# 7 Days GPRS pack: *121*25# 15 days GPRS pack: *121*49# 1 Month GPRS pack*121*98# 5 GB 1 month 3G GPRS pack: *121*851# 8 GB 1 month 3G GPRS pack Vodafone *121*1251# See Also - <a href="https://www.businessinsider.in/how-to-check-vodafone-internet-data-balance/articleshow/71174782.cms">How to check vodafone balance</a> <a href="https://www.businessinsider.in/steps-to-check-vodafone-number/articleshow/69607773.cms">How to check vodafone Mobile number</a>

Vodafone Prepaid recharge checking number

In a major push to strengthen digital economy, the <keyword id="6354335" type="CITY" weightage="20" keywordseo="reserve-bank-of-india">Reserve Bank of India</keyword> has decided to offer discounts to merchants for transactions below Rs 2000. Till date, transactions below Rs 2000 come with a tax levied by banks towards the merchants. RBI has also directed banks as well as prepaid companies not to levy any charge customers for transactions up to Rs 1000 through USSD, IMPSor <keyword id="6358921" type="COMPANY" weightage="20" keywordseo="UPI">UPI</keyword>. 
 USSD or unstructured supplementary service data is the *99# service, which is hosted by the <keyword id="6383340" type="ORGANIZATION" weightage="20" keywordseo="National-Payments-Corporation-of-India">National Payments Corporation of India</keyword> (<keyword id="193629" type="CITY" weightage="20" keywordseo="NPCI">NPCI</keyword>) and is being promoted by the government for payments in rural areas as it does not need smartphones or internconnectivity. Further IMPS or Immediate Payment Service and UPI or Unified Payments Interface are other NPCI hosted services which is also being promoted by government for more peer to peer digital transactions. 
 
Both of these instructions from the regulator would be applicable from January 1 of next year till March 31, since anyway these charges have been waived off till December end. 
 
"For transactions up to Rs 1,000, MDR shall be capped at 0.25% of the transaction value and that above Rs 1,000 and upto Rs 2,000, MDR shall be capped at 0.5% of the transaction value,, said the RBI in a statement released on Friday. 
It did not say anything about changes in MDR for transactions above Rs 2,000. The regulator has further added that these changes would not be affected on ATM transactions. It would review the charges in the meantime by consulting with various stakeholders, which could include banks, payment companies and the government.

Merchants won’t have to pay
charges for card transactions below Rs 2000

<ul><li><keyword id="19900518" type="General" weightage="20" keywordseo="oneplus" source="keywords">OnePlus</keyword> has launched its latest budget smartphone, the Nord CE 4 in India.</li><li>The Nord CE 4 is priced starting at ₹24,999 and is available in two variants.</li><li>Here’s everything you need to know about the latest budget offering from OnePlus.</li></ul>OnePlus has launched its latest budget offering, the Nord CE 4 in its Nord series. The device is the successor of the<a href="https://www.businessinsider.in/tech/mobile/news/oneplus-nord-ce-3-5g-review-powerful-mid-ranger-with-sleek-design/articleshow/102300758.cms"> Nord CE 3</a> smartphone that was launched in 2023 and comes with several improvements. The main highlight of the Nord CE 4 is its large 5,500mAh battery, which should easily last two days with regular usage. <cmsannotation type="cmsannotation" annotationid="OnePlus Nord CE 4 price and availability" comment="subhead" text="OnePlus Nord CE 4 price and availability"><keyword id="20906923" type="General" weightage="100" keywordseo="OnePlus-Nord-CE-4-price" source="Orion">OnePlus Nord CE 4 price</keyword> and availability</cmsannotation> The <keyword id="20906919" type="General" weightage="20" keywordseo="OnePlus-Nord-CE-4" source="Orion">OnePlus Nord CE 4</keyword> is priced at ₹24,999 for the 8GB RAM + 128GB storage variant and ₹26,999 for the 8GB RAM + 256GB storage variant. It will be available in Celadon Marble and Dark Chrome colour options from Amazon India, the OnePlus Online Store, OnePlus Offline store and the company’s authorised retail stores across the country from April 4. <cmsannotation type="cmsannotation" annotationid="OnePlus Nord CE 4 specifications" comment="subhead" text="OnePlus Nord CE 4 specifications">OnePlus Nord CE 4 specifications</cmsannotation> The OnePlus Nord CE 4 runs on Android 14 out of the box with the company’s OxygenOS 14 on top. It features a 6.72-inch Full HD+ AMOLED display with a 120Hz refresh rate and a punch-hole notch for the selfie camera in the middle. It is expected to The Nord CE 4 is equipped with the Snapdragon 7 Gen 3 chipset and is available in two variants – 8GB RAM + 128GB storage and 8GB RAM + 256GB storage. The Nord CE 3 was launched with the Snapdragon 782G chipset. Coming to the camera department, the OnePlus Nord CE 4 features a dual camera setup at the back consisting of a 50MP primary camera with Sony LYT-600 sensor and OIS and an 8MP ultra-wide-angle camera with Sony IMX355 sensor. On the fort, the device is equipped with a 16MP selfie camera. The Nord CE 4 is powered by a 5,500mAh battery with 100W fast charging support, a substantial upgrade over the 5,000mAh battery with 80W charging offered with its predecessor. The device comes with an in-display fingerprint sensor and is IP54-rated for water and dust resistance. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/vivo-v30-pro-review/articleshow/108944431.cms">Vivo V30 Pro review: premium cameras in the mid-range segment</a> <a href="https://www.businessinsider.in/business/telecom/news/ussd-based-call-forwarding-to-be-suspended-soon-to-curb-fraud/articleshow/108933705.cms">USSD-based call forwarding to be suspended soon to curb fraud</a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-april-2024/slidelist/108869757.cms">Upcoming cars and two-wheelers launching in India in April 2024</a>

OnePlus Nord CE 4 with Snapdragon 7 Gen 3, 5,500mAh battery launched in India

<ul><li><keyword id="6354504" type="General" weightage="20" keywordseo="reliance-jio" source="Orion">Reliance Jio</keyword> has silently launched an ultra-affordable data plan that is cheaper than a water sachet.</li><li>This data plan also comes with 30-day validity, making it an easy recommendation for users who use a very limited amount of data.</li><li><keyword id="2003276" type="General" weightage="100" keywordseo="jio" source="Orion">Jio</keyword>’s rivals Airtel and Vodafone Idea do not have any comparable offerings yet.</li></ul>Reliance Jio has launched the cheapest data pack in the world at just ₹1, making it easier than ever before for its subscribers to get a data boost. This data add-on pack was rolled out silently on Tuesday night. Primarily aimed at low-income users, this ₹1 data pack is cheaper than a water sachet, which usually costs ₹2-5, depending on the location and the brand. <div type="image" title="Jio 1rs data plan" msid="88292555" hostid="261" caption="&amp;lt;p&amp;gt;Jio&amp;#39;s &amp;#8377;1 data plan&amp;lt;/p&amp;gt;"></div> The plan details reveal that users get 100MB 4G data with a validity of 30 days. Post the 100MB limit, the speeds will be downgraded to 64kbps, which is still adequate for sending text messages on WhatsApp. Interestingly enough, this data add-on will get you 1GB of data for ₹10, which is 50% cheaper than Jio’s 1GB data add-on which now costs ₹15. Jio’s 100MB plan is also unique in that no other telecom provider offers anything similar, at these prices. For instance, Airtel offers a 3GB data plan that costs ₹58 with 28 days validity, while Vodafone Idea charges ₹19 for a 1GB plan with 24 hours validity. Users who want to recharge with this plan will have to do so using the <keyword id="3390853" type="General" weightage="20" keywordseo="myjio" source="Orion">MyJio</keyword> app on their smartphones, since it is not visible on the Jio website or other recharge portals. Update: The plan benefits have now been changed to 10MB data with 1 day validity, as seen in the MyJio app. Business Insider has reached out to Reliance Jio for a confirmation and an official statement, we will update the story as soon as we receive a response. SEE ALSO: <a href="https://www.businessinsider.in/business/telecom/news/ussd-mobile-banking-charges-trai-vs-airtel-vodafone-idea/articleshow/88249773.cms">TRAI’s push to make mobile banking services via USSD free faces stiff opposition from Airtel, Vodafone Idea</a> <a href="https://www.businessinsider.in/business/telecom/news/airtel-joins-hands-with-capgemini-to-develop-india-specific-enterprise-5g-solutions/articleshow/88275742.cms">Airtel joins hands with Capgemini to develop India-specific enterprise 5G solutions</a> <a href="https://www.businessinsider.in/business/telecom/news/mukesh-ambani-calls-for-5g-roll-out-in-india-asks-it-to-be-national-priority/articleshow/88160233.cms">Mukesh Ambani calls for 5G roll out in India, asks it to be national priority</a>

Reliance Jio has changed the data offered under the ₹1 plan within 24 hours

Checking the <keyword id="7998649" type="UNKNOWN" weightage="20" keywordseo="jio-account-balance">Jio account balance</keyword>, tariff plan and validity are quite simple and handy. All of these activities and much more can be done easily on MyJio app. For Jio users, this information is also available via SMS. If you are a Jio prepaid user, there are a few simple ways to check your validity. The <keyword id="2894524" type="PERSON" weightage="20" keywordseo="mobile-network-operator">mobile network operator</keyword> has provided a number of USSD codes that can let you check your validity, balance and tariff in simple steps. Checking Jio balance via SMS is yet another option for you. This can be done free of cost. There is also an online route to check these pieces of information. In January 2019, the user base of Jio touched 280 million, a phenomenal number in the mobile network industry. In this third quarter of 2018-19 alone about 28 million users subscribed to the network. How to check <keyword id="4257152" type="PERSON" weightage="20" keywordseo="jio-validity">Jio validity</keyword> online To check Jio validity online, follow these simple steps. Download My Jio app from Google Play store. You can also download it from iPhone app store. Open the MyJio app. Log in to the app on your SIM. The app will now let you check your Jio validity information, balance, and data usage details pertaining to your plan. Check Jio validity via SMS This is yet another easy way to check the validity and balance of your Jip account. There are no charges to use these numbers. Send an SMS from your Jio SIM ‘MY PLAN’ to 199. This will give you the tariff of the plan you have subscribed to. To check the validity and balance of your Jio account, send an SMS ‘BAL’ to 199. See Also - <a href="https://www.businessinsider.in/business/telecom/article/easy-ways-to-check-jio-recharge-plan-and-balance/articleshow/75774013.cms">Easy ways to check jio recharge plan and balance</a> <a href="https://www.businessinsider.in/business/telecom/article/check-out-the-prepaid-and-postpaid-new-plans-of-broadband-jio-fiber/articleshow/77997974.cms">Checkout jio fiber broadband plans </a> <a href="https://www.businessinsider.in/business/telecom/news/how-to-check-jio-balance-information-using-ussd-codes/articleshow/74478555.cms">How to check jio balance information using ussd codes</a>

How To Check the Validity Of Jio number?

After launching its 4G network services in September 2016, Reliance Jio has become a prominent player in the Indian telecom space. Offering unbelievably affordable data bundles at a time when the data charges were very expensive with other operators, Jio rose to prominence very quickly. The recent announcements by the network operator regarding JioFiber has taken the industry once again to strides. When you have subscribed to a Jio network, you might want to check the data balance on your number. Here are the simple steps to do it. How to check the main balance For checking the main balance, dial *333# and you will get a message displayed on your Reliance Jio number. You can also check the main balance by sending an SMS ‘MBAL’ to 55333. You will instantly get a message on your phone with the balance details. This service is offered free of cost. Checking data balance on Jio number Reliance Jio charges the customers only for the 4G data and its plans come with unlimited voice calls and messages. It is important to check the data balance on your Jio number so that you do not cross the data limit on your subscription. Jio does not provide any USSD number for data balance check. However, you can know the data usage by going to your smartphone Settings and looking at the data usage. Every time when you disconnect the mobile data, you will get a message with the details of the data consumed by your activities. In this way, you can keep a track of the data usage.

How to check Jio 4G data balance

One of the oldest banks in India, <keyword id="6368628" type="COMPANY" weightage="20" keywordseo="syndicate-bank">Syndicate Bank</keyword> started serving the customers in the country with a range of financial and banking services in 1925. Earlier, it was called Canara Industrial and Banking Syndicate Limited. Eventually, the bank was merged with Maharashtra and South Indian Apex bank and was then renamed as Syndicate Bank with its headquarters situated in Manipal. If you are a Syndicate Bank customer, here are a few ways provided by the bank to check your account balance. Missed call banking Syndicate Bank provides the missed call method to check the customer’s account balance. To use this facility and check your balance, give a missed call from your registered mobile number to 9210332255. Your call will get automatically disconnected after a few rings. You will receive an SMS on your mobile indicating your balance information. This is a free service provided by the bank. SMS banking balance check To check your syndicate bank account balance through the SMS balance check method, you can follow the steps given under and send a message from your registered mobile number to 9210332255. To check the present balance: SBAL or sbal &lt;CustomerID&gt; To get the last 5 transactions: STXN or stxn &lt;CustomerID&gt; Balance check through Syndicate Bank App Syndicate Bank mobile app is free to download from the app stores. Once you download and install this app on your phone, you can check your account balance by logging in using your credentials and landing on your specific account page. Net banking balance check method Syndicate Bank provides a net banking facility to its customers. With Syndicate Bank net banking facility, you can do some important banking and financial functions. You need to register for this service first and then you can check your account balance or do payment transfer using the NEFT, IMPS and RTGS facilities. Balance check through USSD banking method This is a mobile banking facility available for the syndicate bank customers. IN fact, this method can be used by any bank’s customer for checking the account balance. Most interestingly, this facility lets you check your bank account balance from any handset. You just have to dial *99# and the mobile banking session will start. You can check your bank balance along with gaining access to some other banking services. Check balance at the ATM Syndicate Bank customers can also check their account balance at the ATMs. You can check your Syndicate Bank account balance on any bank’s ATM. Use the following steps to check your balance at the ATM. Insert your ATM card in the slot provided in the ATM machine. Follow the steps as asked on the machine. Input your 4-digit PIN number. Select the option ‘View Account Balance’. When you check your balance on the ATM machine, no charges will be debited from your account as this is a free service. Balance check using UPI payment app Syndicate Bank customers as well as the customers of any bank can use the UPI Payment app for checking balance. You will find a large number of UPI payment apps which you can download and install on your phone. Across most of these UPI apps, the process to check your balance is almost the same. See Also - <a href="https://www.businessinsider.in/steps-to-check-account-balance-in-sbi/articleshow/69607243.cms">How to check account balance of SBI</a> <a href="https://www.businessinsider.in/personal-finance/news/how-to-activate-the-new-state-bank-of-india-atm-card-online/articleshow/74965906.cms">How to activate new SBI ATM card Online</a>

How to check Syndicate bank balance

The Chief Ministers' panel on digital payments has asked government to roll out from December 25 a more user friendly version of USSD or *99#, which is used on feature mobile phones for making cashless payments as cash crunch due to demonetisation continues, as per an agency news report. 
 
"Upgraded version of USSD (Unstructured Supplementary Service Data) should be rolled out by December 25, 2016," suggested the panel on adoption of digital payments in its recommendation submitted to the Finance Ministry. 
 
According to an official statement today, the panel, whose convener is Andhra Pradesh Chief Minister Chandrababu Naidu, has suggested that the procedure for simplified Know Your Customer (KYC) using Aadhaar needs to be adopted. 
 
The second meeting of the committee was held on Friday at NITI Aayog. 
 
The meeting followed the deliberations held by Naidu, Vice Chairman of NITI Aayog Arvind Panagariya with the Governor and senior management of RBI and CMDs of major private and public sector banks on Thursday in Mumbai. 
 
The Maharashtra government informed the meeting that it was introducing an Aadhaar Bill in the legislative assembly to give legal status to the use of Aadhaar number for various purposes. 
 
It also informed that it had launched a major campaign to promote digital transactions. 
 
Madhya Pradesh reported that it had initiated a major programme to digitise the transactions in state-owned mundies. 
 
Odisha pointed out that the state was deficient in financial infrastructure including bank branches, bank correspondent, Internpenetration and mobile phones. 
 
While noting that RBI and banks are largely supportive of the measures to promote digital transactions, the panel suggested steps including easing the digital payment operations at the level of merchant. 
 
It said that UIDAI would shortly roll out the common Android-based Aadhaar Enabled Payment System (AEPS) application developed in collaboration with TCS that can be downloaded by the merchants. 
 
In order to use this application for carrying out cashless transactions, merchants will need a smartphone and a fingerprint scanner. 
 
Transactions on this application can be done without any card or PIN. The application would be made available to all banks and the banks would encourage merchants in their vicinity to adopt this application, it said. 
 
The panel suggested that RBI should allow authentication through iris scanner and One Time Password (OTP) for AEPS and there should be no charge on AEPS transactions.

​ Chief Ministers' panel demands more user friendly version of cashless transactions

The <keyword id="44734" type="ORGANIZATION" weightage="20" keywordseo="Indian-Government">Indian Government</keyword> is pushing for waiving-off service tax on swiping debit or credit card but as per some bankers, this move will incur extra losses. 
 
As per senior bankers, the waiver of MDR on debit/credit card transactions till December 31 will increase their losses upto whopping Rs 1,000 crore. Merchant Discount Rate or MDR that is the cost paid by the merchants to banks for card transactions. 
 Some bankers want the <keyword id="109886" type="ORGANIZATION" weightage="20" keywordseo="Indian-Banks-Association">Indian Banks Association</keyword> to take up the issue with the government. Presently, the major banks and payments companies have waived off MDR till 30th December. 
 
"We have not received any formal instructions from the government in that matter, but we have been assured that if there is revenue loss to banks because of waiving of these charges, they might compensate us from a technology fund that they have set aside," a senior banker who did not wish to be identified, told ET. 
 
As per various reports, the government feels that MDR is the major reason responsible for merchants not going for digital transactions. 
 
"The government feels that why should a merchant pay a part of the money he receives through card transactions to banks, hence in order to boost digital payments they need to waive the fees off," a senior official with a payments company, told ET. 
 
Therefore, they are hoping that the industry lobby body Indian Banks' Association could take up the issue with the government. 
 
Bankers while justifying MDR, said that there is a cost associated with the maintenance of the card acceptance and payments infrastructure and MDR is a major source of revenue for these payment companies. 
 <keyword id="3937734" type="UNKNOWN" weightage="20" keywordseo="as-of-now-the-reserve-bank-of-india">As of now the Reserve Bank of India</keyword> has capped MDR for debit card transactions at 1 per cent for any payments beyond Rs 2,000 and that at 0.75 per cent for anything below Rs 2,000, rates for credit card transactions have not been capped and get charged as per arrangements between banks and the merchant outlet. 
 
"I believe that card transactions can never be free as there is a cost associated with maintaining the terminals, time is ripe to shift to light weight models of transaction like USSD or UPI where banks could work on narrower margins," one of the persons quoted above, told ET.

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