Banks defer transaction fee plan after petrol pumps' decision not to accept card payments
Posted on: 09-01-2017 , 11:27:AM | DY365 Bureau
PIC COURTESY- INIDIA NEWS
Jan 9, 2017- Banks have deferred their plans deferred till Friday to impose charges on card transactions at petrol pumps until Friday after talks with the government. More than two thirds of petrol pumps across the country were to stop accepting debit and credit cards from Monday in protest against banks’ decision to levy transaction charges on cards.
Banks, including HDFC Bank and Axis Bank had sent notices to petrol pumps demanding merchant discount rates (MDR) ranging from 0.25 per cent to 1 per cent, effective January 9.