BANKER TO BANKS

Like individual consumers, businesses and organisation of all kinds, banks need their own mechanism to transfer funds and settle inter-bank transaction-such as borrowing from and lending to other banks-and customer transactions. As the banker to banks, the Reserve Bank fulfills this role.

Notifications

(118 kb)
Date : Jun 13, 2019
Scheme for Reimbursement of MDR- withdrawal of RBI circulars

RBI/2018-19/210
DGBA.GBD.No.3089/43.33.001/2018-19

June 13, 2019

To

All Acquiring Banks of Debit Card/ BHIM UPI/ BHIM Aadhaar Pay transactions

Dear Sir

Scheme for Reimbursement of MDR- withdrawal of RBI circulars

Please refer to our following instructions on the MDR reimbursement schemes:

  1. Circular no. RBI/2016-17/228
    DGBA.GAD.No.2128/44.02.001/2016-17 dated February 16, 2017

  2. Circular no. RBI/2017-18/55
    DGBA.GBD.No.505/31.02.007/2017-18 dated September 7, 2017

  3. Letter no. DGBA.GBD.No.2773/43.33.001/2017-18 dated May 4, 2018

  4. Letter no. DGBA.GBD.No.470/43.33.001/2018-19 dated August 23, 2018

2. It has been decided that reimbursement of MDR claims will be handled directly by Ministry of Electronics and Information Technology (MeitY) w.e.f. January 01, 2019. In view of this, the above mentioned circulars/letters issued by Reserve Bank of India stand withdrawn from the date of this circular.

Yours faithfully

(Charulatha S Kar)
Chief General Manager

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