MUMBAI: The country's largest lender State Bank of India has taken on private banks head-on in the fight for market share in digital banking by waiving off the merchant discount rate (MDR) for merchants with turnover of less than Rs 20 lakhs till the end of the year. This could help SBI beat private peers in gaining market share. "State Bank of India has decided to waive completely, the MDR charges on debit card transactions for all small merchants having annual turnover of up to Rs. up to 31-12-2017,” the bank said. SBI also said that its latest move will help Small Merchants overcome the apprehensions towards joining this journey by installation of PoS terminals in their shops.SBI's move is primarily targeted towards smaller merchants who have not yet experienced the convenience of Card Payments.

Source: Economic Times January 09, 2017 12:22 UTC