OMCs to bear charges on digital transactions at fuel pumps -Governance Now

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

Kejriwal resigns as Delhi CM, Atishi stakes claim

Aam Aadmi Party national convener Arvind Kejriwal Tuesday resigned as Delhi chief minister, even as the party supported Atishi to take over that position. Kejriwal, facing corruption allegations in an excise policy case, was granted bail by the Supreme Court last week. His colleague, deputy

Lines that unite, lines that separate

Lines and Lives: Stories of Conflict, Resilience and Hope from Jammu and Kashmir Borderlands Edited by Mohita Bhatia, Rekha Chowdhary and Sandeep Singh Orient BlackSwan, 280 pages, Rs 1,510

WEF, MMRDA ink deal to transform MMR into global fin hub

The World Economic Forum (WEF) will provide funds to Maharashtra government for making Mumbai Metroplolitan Region (MMR) a global financial hub. An MoU between MMRDA (Mumbai Metropolitan Region Development Authority) and WEF was signed by Klaus Schwab, founder and executive Chairman, World

How to be prepared for the next pandemic

NITI Aayog on Wednesday released an Expert Group report, titled ‘Future Pandemic Preparedness and Emergency Response — A Framework for Action’. The expert group in the report has provided a blueprint for the country to prepare for any future public health emergency or pandemic and have a

The Shinde Saga: From humble beginnings to union home minister

Five Decades in Politics By Sushilkumar Shinde (as told to Rasheed Kidwai) HarperCollins India, 240 pages, Rs 599.00

How India can offer data protection to SMEs

Cyberattacks have become a daily phenomenon around the globe, especially in India. In the first half of 2024 alone, India has witnessed 593 cyber incidents, comprising of 388 data breaches, 107 data leaks, and 39 ransomware attacks. With an average of 3,201 cyberattacks per week in Q2 2024,