HPCL and dealers on confrontation path
The dealers of state owned Hindustan Petroleum Corporation Ltd (HPCL), have moved to the competition commission against the HPCL’s directive to cut off individual arrangements with banks for providing credit card swipe terminals at their outlets.
As per the directives issued by the HPCL, company has asked its dealers to use electronic data changer (EDC) machines of only ICICI, Axis and American Express bank with whom company has arrangements. The commissions earned by the dealers from bank for using their EDC is important part of their revenues. The banks give nearly half of the 2.5 per cent service charges they levy on the customers for use of credit cards.
HT Mint
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