OMCs to bear charges on digital transactions at fuel pumps

Petroleum minister Dharmendra Pradhan assures that consumers and retail outlets will not be burdened with merchant discount rate

GN Bureau | January 13, 2017


#PSU   #fuel pumps   #digital transactions   #petrol   #Indian Oil Corporation Ltd   #Bharat Petroleum Corporation Ltd   #Hindustan Petroleum Corporation Ltd   #OMCs  
 
State-run oil marketing companies (OMCs) — Indian Oil Corporation Ltd, Bharat Petroleum Corporation Ltd and Hindustan Petroleum Corporation Ltd are likely to bear the burden of charges levied on digital transactions for buying fuel at petrol pumps, reported Business Standard. 
 
Sources said that during the department of financial services’ meeting, which was attended by OMCs, banks and retail outlets, it was broadly agreed that the oil companies may bear the discount being offered on card transactions. The companies may absorb one percent charge levied by banks for every sale on credit and debit cards.
 
After the meeting, petroleum minister Dharmendra Pradhan briefed the media that consumers and retail outlets will not be burdened with merchant discount rate (MDR), while banks and OMCs are set to share it, the report said.
The minister asserted that both banks and oil companies will have to devise a solution to help consumers to continue use of debit cards at fuel retail outlets.
 
 

Comments

 

Other News

Battle over cattle, Delhi govt schools lead the way and, why we must return to Gandhi & Tagore

On May 23 this year, the ministry of environment issued ‘Rules on prevention of cruelty to animals (regulation of livestock market)’ with the purported aim of regulating animal markets. When one reads the rules – notwithstanding the lame efforts from union ministers to issue clarificati

BEML unveils 9 MW capacity windmill park

  BEML, a mini ratna category-1 enterprise of the defence ministry, has set a target of using 100 percent renewable energy for its own consumption.   In this connection, BEML’s 9 MW Windmill Park installed at Bagalkot District in Karnataka was recently

BHEL registers increase in intellectual capital

  Bharat Heavy Electricals Limited (BHEL), a Maharatna enterprise, has recorded nearly 14 percent growth in its intellectual capital in 2016-17 fiscal. During the year, a record 508 patents and copyrights were filed by the company, translating into filing of nearly two patents/copyrights

NALCO partners with CII, Odisha for outreach programmes on GST

  National Aluminium Company Limited (NALCO) has joined hands with the Confederation of Indian Industries (CII), Odisha, to organise outreach programmes for industries and other stakeholders on GST implementation.   Series of interactive programmes are being

EPFO inks MoU with HUDCO for Housing for All by 2022

  Taking prime minister Narendra Modi’s vision of ‘Housing for all by 2022’ forward, Employees` Provident Fund Organisation (EPFO) has amended the EPF Scheme, 1952 to provide assistance in acquiring affordable houses to the EPF members by allowing withdrawal from PF to

IndianOil LPG import terminal to reduce refill backlog in Kerala

IndianOil is currently transporting bulk LPG from Mangalore to various LPG bottling plants in north Kerala through about 100 bullet trucks every day, which ply on narrow highways. A pipeline connecting the proposed LPG import terminal to Kochi Refineries Limited and the LPG bottling plants at Udayamperoo



Video

पाकिस्तानी सेना कैमरे में कैद करना चाहती थी ये हमला

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter