1. Petrol pumps ‘ban’ on credit, debit cards: ICICI Bank looks to take advantage, says not imposing any tax

Petrol pumps ‘ban’ on credit, debit cards: ICICI Bank looks to take advantage, says not imposing any tax

On a day when petrol pump associations had decided not to accept debit and credit cards from today midnight, after banks decided to charge 1 percent levy on each transactions, ICICI Bank has said they are not charging anything.

By: | New Delhi | Updated: January 8, 2017 10:37 PM
icici bank lending rate, icici bank rate cut, icici lending rate cut, reduction in icici lending rate, icici bank lending rate While ICICI Bank’s one-year MCLR now stands 70 basis points (bps) lower at 8.2%, the corresponding figure for Central Bank came down 85 basis points (bps) to 8.5%. (Source: IE)

On a day when petrol pump associations had decided not to accept debit and credit cards from today midnight, after banks decided to charge 1 percent levy on each transactions, ICICI Bank has said they are not charging anything. In a statement, released late in the evening , the bank has said that it is not charging any transaction fee on card payment from tomorrow. Earlier, the petrol pump associations had said they won’t accept debit or credit cards from midnight. They said that petrol pumps from today midnight won’t accept HDFC and Axis bank charge due to the levy charge.

Speaking to ANI, Delhi Petrol Dealers Association president Anurag Narain said, that from midnight petrol pumps won’t accept any credit or debit card of any bank. He furthersaid that banks have levied a fee of 1 percent, because of which petrol pumps have option but to stop EDC machines from operating.

The Tamil Nadu Petroleum Dealers Association have also that it received a notice from banks that a Merchant Discount Rate of one per cent will be taxed on all transactions done at the retail fuel outlets today midnight. As per KPMurali, the association had received the intimation from the banks on deciding to levy a Merchant Discount Rate (MDR) of one per cent plus taxes on all transactions done at petrol pumps. He also said that the move was unilateral by banks.

(With inputs from PTI)

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    Chandan kumar
    Mar 5, 2017 at 5:20 pm
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