Many banks, including State Bank of India (SBI), are busy filling their pockets with zero balance ie Basic Savings Deposit Accounts (BSBDA). Large recoveries are being made from these account holders in the name of different charges. A study by IIT Bombay has revealed shocking facts in this regard.<\/p>\n
The study has revealed that SBI is charging Rs 17.70 on every transaction after four debit transactions in a month. SBI has recovered more than Rs 300 crore between 2015-2020 from such account holders in the name of different services. Punjab National Bank (PNB) has recovered Rs 9.9 crore from such 3.9 crore account holders. IIT Bombay professor Ashish Das said that in the name of service charge, SBI has raised Rs 72 crore in 2018-19 and 158 crore in 2019-20. Recovery of a sizeable amount of Rs.<\/p>\n
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\nTaking a dig at the RBI guidelines, SBI is charging a large fee of Rs 17.70 from such account holders for digital transactions like NEFT, IMPS and debit cards like merchant payments after four debit transactions of the month. While efforts are being made to promote digital transactions in the country, banks like SBI on the other hand are discouraging people by charging fees for digital transactions.<\/p>\n
The negligence of the Reserve Bank in monitoring compliance with its regulations encourages banks to levy such fees. An example of this has come up recently. IDBI Bank’s board considers charges of Rs 20 per transaction as appropriate on digital transactions such as NEFT, IMPS, UPI and debit card to merchant payments. Withdrawals from ATMs are being charged at Rs 40. The Reserve Bank’s guidelines call for rationalization of fees for various services, despite the fact that banks have been making arbitrary collections over the years. The Reserve Bank also has two specialized departments such as the Consumer Education and Protection Department and the Financial Inclusion and Development Department to monitor such cases. Even after this, there is no trace of banks.<\/p>\n
Stock market opened with a downward trend on the first trading day of the week today
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\nEven after the government’s directive, the RBI lax center had directed banks on August 30, 2020 to return the amount recovered on account of UPI, BHIM UPI and RuPay digital payments from January 1, 2020 onwards. Even after this, some special vigilance by the Reserve Bank has not been shown in this direction. SBI is still recovering Rs 17.70 on digital debit transactions other than UPI, Bhima UPI and RuPay Digital.<\/p>\n","protected":false},"excerpt":{"rendered":"
Many banks, including State Bank of India (SBI), are busy filling their pockets with zero balance ie Basic Savings Deposit Accounts (BSBDA). Large recoveries are being made from these account holders in the name of different charges. A study by IIT Bombay has revealed shocking facts in this regard. The study has revealed that SBI […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[1],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/udaen.info\/index.php?rest_route=\/wp\/v2\/posts\/18618"}],"collection":[{"href":"https:\/\/udaen.info\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/udaen.info\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/udaen.info\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/udaen.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18618"}],"version-history":[{"count":1,"href":"https:\/\/udaen.info\/index.php?rest_route=\/wp\/v2\/posts\/18618\/revisions"}],"predecessor-version":[{"id":18619,"href":"https:\/\/udaen.info\/index.php?rest_route=\/wp\/v2\/posts\/18618\/revisions\/18619"}],"wp:attachment":[{"href":"https:\/\/udaen.info\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18618"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/udaen.info\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18618"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/udaen.info\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18618"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}