Centre must respect fiscal federalism and legal obligations under GST (Compensation to the States) Act, 2017

Centre must respect fiscal federalism and legal obligations under GST (Compensation to the States) Act, 2017

Centre Must Respect Fiscal Federalism and Legal Obligations under GST (Compensation to the States) Act, 2017 Statement from Civil Society Organisations, Economists and Concerned citizens  New Delhi, October 2, 2020: Financial Accountability Network India (FAN India) and the undersigned condemn the central government for violating the GST (Compensation to the…

Statement on RBI’s discussion paper on Governance in Commercial Bank in India

Statement on RBI’s discussion paper on Governance in Commercial Bank in India

July 15, 2020 Financial Accountability Network India along with other civil society organisations, trade unions, bankers, people’s movements and networks strongly demand that the time for the consultation on the discussion paper on governance be increased to a minimum of three months along with necessary arrangements for wider participation of…

FAN India Condemns the Continuous Exploitation of Depositors by Banks even During the COVID Times

FAN India Condemns the Continuous Exploitation of Depositors by Banks even During the COVID Times

July 11, 2020, Delhi: Financial Accountability Network India condemns the banks for resuming the bank charges which were withheld for three months by Finance Minister. While all the banks resumed the ATM charges and penalty for not maintaining the minimum balance from the month of July, Bank of Maharashtra increased the…

Complete ‘negligence’ by RBI led to Yes Bank debacle: Financial advocacy group

Complete ‘negligence’ by RBI led to Yes Bank debacle: Financial advocacy group

In a “public statement”, the advocacy group Financial Accountability Network India, New Delhi, has said that the Yes Bank debacle exposes the Reserve Bank of India (RBI) “failure”, insisting on the need to hold those responsible for the debacle “accountable” and move towards “nationalising” private banks. Endorsed by 30 academics…

SBI Waiver on Minimum Balance Penalty is Welcome

Public Statement: March 12, 2020 SBI Waiver on Minimum Balance Penalty is Welcome: All Bank Charges, Hurting the Poor, Must Go. Financial Accountability Network India (FAN India) welcomes the announcement of State Bank of India (SBI) to waive the penalty for not maintaining Average Minimum Balance and for SMS service.…

Yes Bank Debacle exposes RBI’s Failure: Time to Hold the Responsible Accountable & Nationalise Private Banks

Public Statement | March 9, 2020 Yes Bank Debacle exposes RBI’s Failure Time to Hold the Responsible Accountable & Nationalise Private Banks Reserve Bank of India has once again failed the depositors of this country by putting Yes Bank under the restrictions for a month and putting the cap on…

Government Seeks another Bail-out!

  Government Seeks another Bail-out! New Delhi, 13 January 2019: Financial Accountability Network India (FAN India) condemns the government’s move to seek another round of funds from Reserve Bank of India (RBI). This comes in just months after the RBI approved Rs. 1.76 Lac Crore (including Rs. 52,637 crore from…

Public Statement: Communalising Banking

New Delhi, December 27, 2019: Financial Accountability Network India condemns RBI’s amendment of Foreign Exchange Management Regulations (FEMA) Act, that requires customers with a Non-Resident Ordinary (NRO) account to identify their religion for their ‘Know your Customer’ (KYC) details. The changes, which are in tandem with the Citizenship Amendment Act (CAA)…

Bank Charges: Penalising The Poor Continues, As Corporates Enjoy Rs. 6 Lakh Crore Write-Offs

Public Statement | 27.11.2019 New Delhi: The public sector banks collected just under Rs 2000 crore in 2018-19 as a penalty for not maintaining the minimum balance in savings bank accounts. This was revealed by the Minister of State for Finance, Mr. Anurag Thakur in the Lok Sabha on Monday…

Support Bank Strike against Mergers and Bank Charges

For Immediate Release Support Bank Strike against Mergers and Bank Charges September 23, 2019: Financial Accountability Network, India stands in solidarity with the strikes and protest actions announced by the bank officers and employee unions. Four officers’ unions All India Bank Officer’s Confederation (AIBOC), the All India Bank Officer’s Association (AIBOA),…