The National Payments Corporation of India (NPCI) on July 31, 2023, issued a notification regarding the 50% NPCI switching fee rebate for Cooperative and RRBs Issuer Banks on RuPay Debit card PoS and eCom domestic transactions for FY 23-24.
The following has been stated namely: -
• 50% of NPCI’s switching fee on RuPay Debit Card PoS and eCom domestic transactions is being provided as a rebate up to March 31, 2024.
• Switching fee is applicable on all the other issuer banks, the switching fee applicable is stated in Annexure B.
• The rebate structure shall not be applicable for Credit, Prepaid and Specific value services like AutoPay, EMI, cash@POS, NCMC offline transactions, etc.
• The rebate shall cease to exist upon roll-back of the Zero MDR regime.
[Notification No. NPCI/2023-24/RuPay/008]
