Newsbytes
  • India
  • Business
  • World
  • Politics
  • Sports
  • Technology
  • Entertainment
  • Auto
  • Lifestyle
  • Inspirational
  • Career
  • Bengaluru
  • Delhi
  • Mumbai
  • Videos
  • Visual Stories
  • Reviews
  • Phone Reviews
  • Fitness Bands Reviews
  • Speakers Reviews
  • Find Cricket Statistics
Hindi
More
In the news
Heatwave
Coronavirus Cases In India
COVID-19 Vaccination
Fuel Price Hike
COVID-19 Guidelines
Cyclone Asani
Newsbytes
Hindi
Newsbytes
User Placeholder

Hi,

Logout


India
Business
World
Politics
Sports
Technology
Entertainment
Auto
Lifestyle
Inspirational
Career
Bengaluru
Delhi
Mumbai
Videos
Visual Stories
Reviews
Phone Reviews
Fitness Bands Reviews
Speakers Reviews
Find Cricket Statistics

More Links
  • Videos

Download Android App

Follow us on
  • Facebook
  • Twitter
  • Linkedin
  • Youtube
 
Home / News / India News / No debit or credit card blocked, IRCTC clarifies
India

No debit or credit card blocked, IRCTC clarifies

No debit or credit card blocked, IRCTC clarifies
Written by Krunali Shah
Edited by Gogona Saikia
Sep 23, 2017, 10:23 am 2 min read
No debit or credit card blocked, IRCTC clarifies

Hours after reports emerged that IRCTC had barred certain banks' debit cards on its platform, the organization has refuted all such reports. It clarified banks had been asked to share transaction charges with IRCTC after it offered them direct integration on their platform for faster transactions. When some refused, IRCTC asked them to offer customers free transactions on debit cards, but haven't barred them.

22 Sep 2017
Making online payment on IRCTC? Only some debit cards allowed

It was reported yesterday that IRCTC has disallowed many banks from using its payment gateway for debit cards. FE reports that this was after the banks refused to share part of their convenience fees, earned on customers' transactions. Presently, IRCTC has allowed card payments only to the Indian Overseas Bank, Canara Bank, United Bank of India, Indian Bank, Central Bank of India, HDFC Bank and Axis Bank.

Do you know?
Post demonetization, convenience fees were waived off

Till November 2016, IRCTC charged customers Rs. 20 on booking AC tickets and Rs. 40 on booking non-AC tickets, as convenience fees. However, after demonetization, these service charges were waived off.

New Policy
IRCTC rolls out a new policy

Following the service charges waiver, Mint reports that IRCTC wanted new banks which wanted integration with its payments gateway to put Rs. 20L as security deposit, and banks already present, Rs. 10L deposit. They also wanted banks to share half the convenience fees they received from customers with them. Banks that didn't charge convenience fees were asked to pay Rs. 5 per transaction.

Banks
Banks expressed their dissatisfaction

The banks said that if the new policy was enforced, many banks would have to withdraw. Banks said IRCTC's policy violates a 2016 government order which asked merchants to pay the merchant discount rate (MDR) to the banks. MDR is the fees IRCTC (merchant) should pay to banks for providing service to customers. As IRCTC didn't pay banks, banks were charging customers to cover their costs.

Data
As IRCTC doesn't pay MDR, how much can banks charge?

In February 2017 guidelines issued by the RBI, banks can charge Rs. 5 for transaction values of Rs. 1-1000 and Rs. 10 for transaction values of Rs. 1,001-2,000. Higher value transactions can be charged with maximum MDR of 0.5%, with a cap of Rs. 250.

Share this timeline
Facebook
Whatsapp
Twitter
Linkedin
Krunali Shah
Krunali Shah
Mail
Gogona Saikia
Gogona Saikia
Mail
“I may be on the side of the angels, but don’t think for one second that I am one of them.” Delhi University. Freethinker. “Social justice warrior”.
Latest
Reserve Bank Of India (RBI)
Indian Railways
HDFC Bank
Indian Overseas Bank
Indian Railway Catering and Tourism Corporation
Latest
BMW 3 Series (facelift) previewed in leaked images: Check features
BMW 3 Series (facelift) previewed in leaked images: Check features Auto
'The Archies': Suhana Khan-Agastya Nanda-Khushi Kapoor starrer's first-look teaser out
'The Archies': Suhana Khan-Agastya Nanda-Khushi Kapoor starrer's first-look teaser out Entertainment
Punjab: Sulking Congress veteran Sunil Jakhar bids goodbye to party
Punjab: Sulking Congress veteran Sunil Jakhar bids goodbye to party Politics
IPL 2022, LSG vs RR: Preview, stats, and Fantasy XI
IPL 2022, LSG vs RR: Preview, stats, and Fantasy XI Sports
Varanasi's Gyanvapi Mosque: Videography survey concludes peacefully on day 1
Varanasi's Gyanvapi Mosque: Videography survey concludes peacefully on day 1 India
Reserve Bank Of India (RBI)
Hindustan Unilever hikes product prices for second time within month
Hindustan Unilever hikes product prices for second time within month Business
Apple stops accepting credit or debit cards for subscriptions, purchases
Apple stops accepting credit or debit cards for subscriptions, purchases Business
RBI keeps key interest rates unchanged for 11th consecutive time
RBI keeps key interest rates unchanged for 11th consecutive time Business
Taxing cryptocurrency is government's sovereign right: FM Sitharaman
Taxing cryptocurrency is government's sovereign right: FM Sitharaman Business
RBI maintains lending rates; 7.8% GDP growth projected in 2022-23
RBI maintains lending rates; 7.8% GDP growth projected in 2022-23 Business
More News
Indian Railways
Power crisis: Home Minister Amit Shah holds high-level meeting
Power crisis: Home Minister Amit Shah holds high-level meeting India
Agra: Railways seeks shifting of temple; activists threaten mass suicide
Agra: Railways seeks shifting of temple; activists threaten mass suicide India
Power crisis: Passenger trains canceled to make way for coal
Power crisis: Passenger trains canceled to make way for coal India
10 coaches of LTT-Jaynagar Express derail near Nashik
10 coaches of LTT-Jaynagar Express derail near Nashik India
5 dead, 20 injured as Bikaner-Guwahati Express derails in Bengal
5 dead, 20 injured as Bikaner-Guwahati Express derails in Bengal India
More News
HDFC Bank
HDFC-HDFC Bank merger: Here's everything you need to know
HDFC-HDFC Bank merger: Here's everything you need to know Business
Sensex rises over 100 points, Nifty above 16,300
Sensex rises over 100 points, Nifty above 16,300 Business
HDFC Bank deploys Mobile ATM in Bengaluru
HDFC Bank deploys Mobile ATM in Bengaluru Bengaluru
Samsung Galaxy S21 series goes on sale in India
Samsung Galaxy S21 series goes on sale in India Technology
Vivo Y51A goes official in India at Rs. 18,000
Vivo Y51A goes official in India at Rs. 18,000 Technology
More News
Indian Overseas Bank
Bharat Bandh today against government's "anti-labor" policies: All details here
Bharat Bandh today against government's "anti-labor" policies: All details here India
#BharatBandh: How banking services will get affected
#BharatBandh: How banking services will get affected Business
UP bank manager held for removing Rs. 18L from ATM
UP bank manager held for removing Rs. 18L from ATM India
UP: Man arrested for illegally withdrawing Rs. 18L from ATM
UP: Man arrested for illegally withdrawing Rs. 18L from ATM India
Vijay Mallya ordered to pay £200,000 to Indian banks
Vijay Mallya ordered to pay £200,000 to Indian banks Business
More News
Indian Railway Catering and Tourism Corporation
IRCTC fixes bug after school student raises alarm
IRCTC fixes bug after school student raises alarm India
IRCTC brings a 'fishy affair' on banks of Rupnarayan river
IRCTC brings a 'fishy affair' on banks of Rupnarayan river India
IRCTC revamps site and app with various new features
IRCTC revamps site and app with various new features India
IRCTC sent two crore emails highlighting PM's relationship with Sikhs
IRCTC sent two crore emails highlighting PM's relationship with Sikhs India
Travel related stocks jump, shares of IRCTC climb by 14%
Travel related stocks jump, shares of IRCTC climb by 14% Business
More News
Next News Article
Next News Article

Love India news?

Subscribe to stay updated.

India Thumbnail
India News Business News World News Politics News Sports News Technology News Entertainment News Auto News Lifestyle News Inspirational News
Career News Bengaluru News Delhi News Mumbai News Mukesh Ambani Indian Premier League (IPL) Karnataka Samsung Xiaomi West Bengal
Bihar Virat Kohli Rohit Sharma Haryana Narendra Modi Arvind Kejriwal Tamil Nadu Gujarat Yogi Adityanath YouTube
Instagram Hollywood News Uttar Pradesh Kerala Netflix Bollywood News Mamata Banerjee Maruti Suzuki Rahul Gandhi Elon Musk
Shah Rukh Khan Chelsea FC OPPO Akhilesh Yadav Indian Cricket Team Apple Manchester United Salman Khan Cryptocurrency OnePlus
Amitabh Bachchan ICC Women's World Cup Vivo India vs Sri Lanka
About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive IPL 2022 Schedule IPL 2022 Points Table Find Cricket Statistics
Follow us on
Facebook Twitter Linkedin Youtube
All rights reserved © NewsBytes 2022