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

Covid-19: India’s recovery rate improves to 59.43%

Even as Unlock enters the second phase, the number of Covid-19 infections continues to rise to record levels and India remains No 4 in the worldwide list, yet there is glimmer of hope: its recovery rate is also rising in tandem. There are 1,27,864 recovered cases more than the active Covid-1

Coming soon at a station near you: private trains!

A long-debated idea is finally coming to fruition as the Indian railways has decided to join hands with the private sector, in running some train services to begin with. The ministry of railways has invited ‘request for qualifications’ (RFQ) for private participation for operatio

A place of local democracy in pandemic governance: The case of Mumbai

Democracy in India is now taken for a fact, with an unstated assumption that all our institutions are democratic and hence often our successes and more often failures are attributed to ‘democracy’. However, a key frontier where democracy remains a challenge is that of local governments and that

Why TikTok, other apps were banned: “Engaged in anti-India activities”

India, facing China’s aggressiveness at border, has banned 59 smartphone apps, including TikTok, as they were indulging in activities harmful to India’s sovereignty and integrity. The reason cited was: “in view of information available they are engaged in activities which [

Gaganyaan mission not affected by pandemic

The launch of India’s first human space mission, ‘Gaganyaan’, will not be affected by Covid-19 and preparations are going on in the right direction even amid the pandemic. This was disclosed by minister of state (independent charge) development of north eastern region (DoNE

How India is quietly resetting its economic engagement with China

For all intents and purposes, India is going to reset its relations with China and a subtle hint to this regard has been given by the Narendra Modi government after the deadly June 15/16 night face-off between the Indian army and PLA troops in the Galwan Valley in which 20 Indian soldiers lost their lives.



Archives

Current Issue

Opinion

Facebook    Twitter    Google Plus    Linkedin    Subscribe Newsletter

Twitter