Financial Accountability Network – India
Striving to Make Financial Institutions Accountable
Due to nationwide lockdown started from 24th March, 2020 amid of corona pandemic, Finance Minister Ms. Nirmala Sitaraman announced waive off of charges for not maintaining Monthly Minimum Balance and for ATM transactions for 3 months, i.e. April-May-June as a part of economic relief measure. But despite this announcement,…
Pradhan Mantri Jan Dhan Yojna (PMJDY) was launched in August 2014 by the Prime Minister Narendra Modi with the aim of providing banking facilities to the poor and to increase financial inclusion in the country. It aimed to open at least one basic banking account for every household and provide…
There are several factors which play an important role in determining the relationship between banks and their customers. One of the most important amongst them is what services banks provide and how they deliver it to their customers which can facilitate the best to their financial needs. Banks were nationalised…
On 24th March, 2020, the Prime Minister of India has declared the nationwide lockdown due to global widespread of Covid 19. As a result, the entire businesses, works, and economy have shut down leading to enormous losses of jobs and livelihood. Consequently thousands of daily wage labours from different states (mainly…
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. In 2017, SBI imposed penalty on minimum balance and other banks followed the same, resulting in heavy financial burden for the…
The massive bank charges introduced in past few years have greatly affected the financial state of marginalised working class. This was better understood when the team of FanIndia has talked to some people of working class who belong to the indigent sections of the society such as farmers, construction labours,…
बैंक लोक कल्याण से भटक कर व्यावसायिक कल्याण के मार्ग पर चले गए हैं, उन्होंने लोगों की सेवा करने के बजाए उनका शोषण करना शुरू कर दिया है, वे कॉर्पोरेट को दिये ऋणों से हुए नुकसान की वसूली आम लोगों से बैंक चार्जेस के माध्यम से करने लगे हैं। वे…
All the banks, especially the public sector banks have a moral obligation and social responsibility of promoting financial inclusion and social welfare. The banks run on the deposits and when a bank sinks, depositors lose their savings. Therefore, deposit holders have a right to the common and basic banking services…
The savings of people deposited in banks form the capital of banks which banks lend to borrowers. Banks earn interest on the loans issued to borrowers. The cost of operating expenses including salaries comes from this interest on the loans issued by banks. The saving account depositors receive interest on…
The primary objective of nationalization of banks was to reach out to each and every last person of our society. The purpose was to provide credit facilities to poor and marginalized sections and free them from the clutches of moneylenders. Banks were to provide credit to small and medium businesses.…