NEWS & ADVICE : CREDIT CARDS
Charges on debit cards at petrol pumps yet to be decided
By Ankit Sharma
Oct 21, 2013
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A year after the Reserve Bank of India (RBI) advertised a cut in charges on debit transactions, banks press on to infringe an expense of 2.5% for installments at petrol pumps, along these lines making an undue pick up at the expense of the purchaser. RBI, while cutting charges on debit cards, had utilized reasoning in a way that the transaction costs of credit and debit card cannot be distinguished. This was in light of the fact, that credit card transactions needed the bank to give free credit to the client until the month to month bill was issued.

The bank additionally assumed the danger of the client defaulting on his commitments. Banks noticed there were more of debit card transactions as compared to credit card transaction in July 2013. In debit cards, the cash goes straight out of the client's account, and the main costs are by virtue of utilizing the system and within admiration of security of transaction. In the West, controllers have as of recently begun topping charges on check card transactions.


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