Banks now charge you for almost all services

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New Delhi, March 10, 2017: We are happy to note that the initiatives undertaken by the Hon’ble Prime Minister has enabled the vast majority to use electronic transactions and increase their cash operations through ATMs. However, the decision of certain banks to suddenly increase the banking charges on cash transactions is a shock to business community and general public. As per the recent announcements, some of the private banks are charging a minimum of Rs.150 per transaction for deposits and withdrawals after four free transactions per month. It is seen now that even government owned banks have decided to levy cash handling charges on transactions above a specified limit and SBI has planned to impose such charges from April 1, 2017. Further, SBI has decided to charge Rs.50 per transaction both on current account and Savings account after three transactions from its home branch.

It is further distressing to note that SBI has announced that it’s account holder will be penalized for not maintaining a minimum balance of Rs.5,000 in metropolitan cities, Rs.3,000/- in urban, Rs.2,000 in semi-urban and Rs.1,000/- in rural areas. This is against the launch of Pradhan Mantri Jan Dhan Yojana launched in 2014 to bring all Indian’s to banking system with zero balance account, many people from the poor income group opened their account with some minimum balance.

FKCCI has strongly objected to these arbitrary charges on the levy on cash withdrawals, maintaining minimum balance in bank accounts, operations of ATMs as this would lead the customers to the old system of transacting at the banks thereby inconveniencing the staff and also leading to deficiency in service. We also believe that the cash as such being legal tender, charges should not be made just for giving and taking something which is legal tender. If Government and RBI are keen on leveraging digital payments, the corresponding charges should be absorbed or subsidized to the bankers. We have requested the Union Minister for Finance and RBI to take the Trade and Industry bodies into confidence so that all of us work in tandem in the same plane to ensure a successful DIGITAL INDIA.

Reserve Bank has been requested to issue a circular directing the Banks to withdraw all the increased banking charges and numerical limits on the usage of ATMs as well as encouraging of free usage of inter bank transactions. The minimum balance rule should be abolished.

Corporate Comm India(CCI Newswire)