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

PM visits crash site, meets the injured

Prime minister Narendra Modi on Friday visited the Air India flight crash site in Ahmedabad to assess the situation first-hand. He met officials and emergency response teams working tirelessly in the aftermath of the disaster. He also condoled the loss of numerous lives in the tragic air accident. He con

Air India flight crashes in Ahmedabad

The Air India flight to London crashed in Ahmedabad within munites of the take-off Thursday afternoon. There were 232 passengers and 10 crew members aboard, and reports suggest there was slim chances of anyone surviving. The Boeing 787 Dreamliner crashed and exploded in a fireball barely out

Cabinet approves two multitracking projects of Railways

The Cabinet Committee on Economic Affairs, chaired by prime minister Narendra Modi, on Wednesday approved two projects of the railways ministry with a total cost of Rs. 6,405 crore. These projects include:  1. Koderma – Barkakana Doubling (133 Kms): The project sec

Unlocking the boundless possibilities within

The legendary Jack Canfield (co-creator of Chicken Soup for the Soul series, and author who has sold more than 500 million books) says, “This is the book we’ve all been waiting for.” That is ‘Manifest of Your Infinite Riches’ by Pushkar Anand, founder of the Centre for Infinit

The Good, the Bad and the Ugly of AI

From ‘The Matrix’ to ‘Iron Man’, AI has long captivated our imagination. But what was once fiction has rapidly become foundation. AI is now transforming industries, economies and daily life. Nations are investing heavily – recognizing AI`s role not only as a technological marv

The Tricolour flies high over Chenab Rail Bridge: PM

Prime minister Narendra Modi celebrated the hoisting of the tricolour on the iconic Chenab Rail Bridge, the world’s highest railway arch bridge which was inaugurated on Friday, describing it as a moment of immense national pride and a testament to India’s growing capability to build futuristic

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now





Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter