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

`Focus on infra, reforms, digital connectivity has created strong foundation for growth`

In a step towards the operationalisation of the Bharat Audyogik Vikas Yojana (BHAVYA), union minister of commerce & industry Piyush Goyal launched the BHAVYA Portal on Monday in New Delhi. Addressing the gathering, Goyal said that the BHAVYA scheme will adopt a competit

Govt, RBI announce major reforms to attract FPI

The finance ministry on Friday announced a series of measures aimed at enhancing the ease of investment for individual Persons Resident Outside India (PROIs) and Foreign Portfolio Investors (FPIs), and to attract stable long-term foreign capital flows. Building on the recent in

Lessons in climate adaption from world’s largest inhabited river island

Majuli Island, perched between the Brahmaputra River to the south and east, the Subansiri River to the west, and a branch of the Brahmaputra to the north, has been severely affected by recurrent flooding and intense riverbank erosion. Despite its global importance in acquiring UNESCO tentative status for

Careless whispers and the impossible trinity

Time can never mend, the careless whispers of … As the RBI marches ahead, for the upcoming monetary policy meeting this June, whispers from the corridors echo around several policy options to defend the rupee – by deploying forex reserves, raising in

Bullet Train Project: Third mountain tunnel breakthrough achieved

A major engineering milestone has been achieved in the Mumbai–Ahmedabad Bullet Train Project with the successful breakthrough of the third mountain tunnel (MT-07) at Ambesari village in Dahanu Taluka of Palghar district, Maharashtra. With this achievement, three mountain

Supreme Court gets five new judges

Five new judges were appointed to the Supreme Court of India on Monday. "Vide Notifications of even number dated 01.06.2026, in exercise of the powers conferred by clause (2) of Article 124 of the Constitution of India, the Hon’ble President of India is pleased to appoint (i) Shri