While the RBI has not officially announced the reasons for the directive, fintech companies active in the segment said such transactions are being done at outlets which are not authorised to accept such payments.
“Noteworthy support from heavyweight RIL spurred the rally, propelling the index. Global markets trading on a positive note further strengthened the rally,” said Om Mehra, Technical Analyst, SAMCO Securities.
This assumes special significance as farmers are holding yet again protests in the national capital seeking a law to guarantee minimum support price (MSP) for all crops. Several farmers groups have long held the opinion that India should walk out of WTO.
Fintech startup Fi, for instance, reduced the foreign currency transaction fee for its Amplifi credit card from 1 per cent to 0 per cent in December, matching the zero forex markup feature already available on its debit card.