This is a positive move for the industry, and may help better penetration of insurance products: Bajaj Allianz Life

The government has announced no fee on merchants on card transaction in order to encourage all merchants to accept card payments.

Jul 05, 2019 02:07 IST India Infoline News Service

The Union Budget 2019 has come across as all-inclusive, seeking to boost infrastructure and foreign investment, and at the same time giving impetus to a digital economy. The government has announced no fee on merchants on card transaction in order to encourage all merchants to accept card payments. Further 2% TDS has been proposed on cash withdrawals of above 1cr.

This move will boost digital transactions in the country. For the insurance sector, the government proposed a100% FDI for insurance intermediaries, thereby making India a more attractive destination for FDI. This is a positive move for the industry, and may help better penetration of insurance products.

- Tarun Chugh, Managing Director & CEO, Bajaj Allianz Life

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