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

Spotting and nurturing young talent, helping them bloom

Things don’t turn up in this world, as former US president James A. Garfield once said, until someone turns them up. This is all the more so, when one considers the hidden gems that are waiting to be discovered. The world is full of talented young people who need just a nudge to provide that spark th

Khadi sets new record for single-day sale at Delhi shop

On Gandhi Jayanti this year, the Khadi India outlet in Connaught Place in the capital once again set a new record of khadi sales in a single day. In a single day, the Khadi India showroom at Connaught Place marked sale of Rs. 1.34 crore and broke its own previous record of Rs. 1.01 crore se

Mumbai Metro: Delay on Tracks

In Mumbai, the ninth most populous and congested city on the planet, high rentals compel citizens to spend five hours on an average travelling to work every day. Mumbai’s Metro Rail System extending towards Mumbai Metropolitan Region (MMR) will not only provide East-West connectivity

Sustainable tourism is responsible tourism

Tourism is a huge part of global culture nowadays and is also one of the biggest sources of revenue across the world. According to the World Travel and Tourism Council (WTTC), in 2019, the tourism industry contributed $8.9 trillion or 10.3% to the global GDP. The industry witnessed a massive lull in 2020 d

Fernandes: A Life as Legacy

The Life and Times of George Fernandes By Rahul Ramagundam Penguin/New India Foundation, 624 pages, Rs 799 Amer

India set to enter 5G era

After years of intense preparation, India is about to take the next step in information and communication technology. Prime Minister Narendra Modi will launch 5G services in India on October 1 and also inaugurate the 6th Edition of India Mobile Congress 2022 to be held till October 4, at Pragati Maidan, Ne

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