New Delhi, Nov 3 (SocialNews.XYZ) In view of the Covid pandemic, public sector banks (PSBs) have decided not to raise bank service charges in the near future, a Finance Ministry statement said on Tuesday.
The decision is expected to be welcomed by general consumers of banking services who are already burdened due to slowing of economic activities on account of the pandemic.
The Finance Ministry said that although, as per RBI guidelines, all banks, including PSBs, are permitted to levy charges for their services in a fair, transparent and non-discriminatory manner, based upon costs involved, PSBs have intimated that they do not propose to raise bank charges in the near future in view of the Covid pandemic.
Accordingly, the Bank of Baroda, which had reduced the number of free cash deposits and withdrawals from five each month to three each per month from November 1, has also withdrawn the changes.
The Finance Ministry came out with clarifications on service charges by banks as reports suggested steep increase in service charges by certain PSBs.
No service charge is applicable on basic savings bank deposits accounts including Jan Dhan accounts.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz