Finance ministry withdraws its controversial diktat to levy processing fees on payment of credit card dues by cheque or cash
March 18, 2013
Moneylife Impact: The finance ministry’s strange and controversial diktat to public sector banks to emulate HDFC Bank and levy processing charges on payment of credit card dues by cash or cheque was exposed and followed by Moneylife alone. The rest of the media, including the business press is still silent on this issue
In a letter dated 12th March, the finance ministry has quietly withdrawn its ‘fatwa’ to “consider charging a processing fee from customers paying credit card dues either in cash or through cheque”. In fact, this letter too is written by the same DD Maheshwari, Under Secretary at the Department of Financial Services, who sent out a fatwa marked “most immediate” to all chief executives of public sector banks on 25 October 2012.....