Associated Chambers of C&I of India want banks not to collect transaction fee from card-holders

Associated Chambers of C&I of India want banks not to collect transaction fee from card-holders

Bengaluru: The Associated Chambers of Commerce and Industry of India (Assocham) has recommended Government of India to ask banks to cap monthly rental of Point of Sale (PoS) machines at Rs 100 per month to encourage more merchants to install PoS machines.

"Installing a PoS machine for a merchant or an enterprise is a costly affair. Banks charge approximately Rs 10,000 to Rs 15,000 for installation charges and monthly rental which goes up to Rs 800 and above. All these costs make merchants resultant to install PoS at their business site,'' D S Rawat, Secretary General, Assocham, told reporters here on Thursday.