nCredit card payments to buy fuel at petrol pumps will from October 1 not get a 0.75 per cent discount that state-owned oil companies had introduced more than two-and-a-half years back to promote digital payments.
“Dear SBI credit cardholder, as advised by public sector oil marketing companies, the 0.75 per cent cashback on fuel transactions will be discontinued with effect from October 1, 2019,” the country’s largest bank in a text message informed its credit card customers.
The government had asked Indian Oil Corp, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd to give a 0.75 per cent discount on card payments for fuel purchases after a widespread cash crunch in late 20016 following demonetisation of 86 per cent of currency notes in circulation.
The 0.75 per cent discount of the value of fuel purchases using credit/debit cards and e-wallets was introduced in December 2016 and had continued for more than two-and-a-half years, straining OMCs.
