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Bankers Seek Reduction in Credit, Debit Card Charges

To promote greater use of cashless transactions in the Indian economy, bankers have suggested lowering of charges on transactions done through debit and credit cards, sources told NDTV.
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Bankers Seek Reduction in Credit, Debit Card Charges

To promote greater use of cashless transactions in the Indian economy, bankers have suggested lowering of charges on transactions done through debit and credit cards, sources told NDTV.

India's top bankers have gathered in Pune to discuss a blueprint for reforms in the banking sector, including ways to extend the reach of the banking system.

The number of point-of-sale (POS) terminals has increased to 10.65 lakh across the country by end-March 2014 as compared to 3.2 lakh in 2007, according to Reserve Bank (RBI) data. Point-of-sale terminals are devices used to swipe credit and debit cards for electronic payments.



The merchants or stores pay a fee to the banks for using the point-of-sale machines. Bankers have also sought tax incentives for merchants on transactions done through mobile phones, sources said. This is a part of the bankers' recommendations for setting up short-term and long-term targets to leverage technology for extending the reach of banking system, sources told NDTV.



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