ECONOMICS TOPICS RELEVANT TO UPSC EXAMINATION
1) MERCHANT DISCOUNT RATE :
The rate charged to a merchant for payment processing services on debit car transaction.
how is it calculated:
a) it is expressed in percentage of the transaction amount .
b) Also applicable for online transaction and QR- based transaction.
Who has to bear the cost ? :
The amount that the merchant pays for every transaction gets distributed among three stakeholders.
- the bank that enables the transaction.
- vendor that installs the point of sell.
- the card network provider.( mastercard, Rupay, visa)
STEPS TAKEN BY THE GOVERNMENT :
Boost payments via home-grown real-time payments system unified payments interface (UPI) at merchant locations along with RUPAY debit cards .
"all companies with a turnover of rupees 50 crore or more shall be mandated by DoR to provide the facility of payment through RuPay debit card and UPI QR code to their customers .
--RBI and BANKS will absorb these costs from the savings that will accrue to them on account of handling less cash as people move to these digital modes of payment"
1) MERCHANT DISCOUNT RATE :
 |
The rate charged to a merchant for payment processing services on debit car transaction.
how is it calculated:
a) it is expressed in percentage of the transaction amount .
b) Also applicable for online transaction and QR- based transaction.
Who has to bear the cost ? :
The amount that the merchant pays for every transaction gets distributed among three stakeholders.
- the bank that enables the transaction.
- vendor that installs the point of sell.
- the card network provider.( mastercard, Rupay, visa)
STEPS TAKEN BY THE GOVERNMENT :
Boost payments via home-grown real-time payments system unified payments interface (UPI) at merchant locations along with RUPAY debit cards .
"all companies with a turnover of rupees 50 crore or more shall be mandated by DoR to provide the facility of payment through RuPay debit card and UPI QR code to their customers .
--RBI and BANKS will absorb these costs from the savings that will accrue to them on account of handling less cash as people move to these digital modes of payment"
2) "STRANDED IN INDIA" PORTAL:
The ministry of tourism has launched a portal starnded in india to help foreign tourists who are stuck in various parts of the country.
3) FULLY ACCESSIBLE ROUTE (FAR) :
 |
| RBI |
The reserve bank of india (RBI) has introduced a separate channel namely fully acccessible route to enable non resident indians ( NRI) to invest in specified government bonds with effect from april 1.
.
4) PRIME MINISTER NATIONAL RELIEF FUND :
opposition leaders questioned up of the PM CARES fund to deal with the COVID- 19 pandamic by primr minister narendra modi when the prime minister"s national relief fund is already in existance .
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