Banks defer decision to charge transaction fee on card payments at petrol pumps

Banks defer decision to charge transaction fee on card payments at petrol pumps

Banks on Sunday night deferred their decision to charge 1% transaction fee on card payments at petrol pumps from Monday, a move that had prompted dealers to say they will stop accepting plastic money unless a mechanism to compensate them was also put in place.
Following the decision by bankers, petroleum dealers have put off till January 13 their decision to stop accepting cards.
The decision by the banks to defer the fee came after prodding from the Union Oil Minister Dharmendra Pradhan during discussions among bankers, dealers and representatives of state-run fuel retailers. “Banks have agreed to defer the fee for 4-5 days,” a senior oil ministry official told TOI, indicating a mechanism to compensate dealers would be worked out during this interval. Read More…

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