Killing the Golden Goose
Ignoring the views of the RBI and expert panels, the Budget featured a startling plan to make digital payments 'free'.
It's a startling plan. One that defies logic, even to those well-versed with policymaking in modern, nationalist, digital India. In Finance Minister Nirmala Sitharaman's maiden Budget, she announced that, to promote a less-cash economy, all charges would be waived for 'certain debit cards' and other digital payments. The merchant discount rate (MDR) would become zero.
The MDR is what a merchant pays for accepting a card
