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),…

Statement on the Misleading Media Reports on SBI’s Service Charges

For Immediate Release Media Reporting on Bank Charges Misleading: SBI Continues to Fleece its Customers!! Public Statement by Financial Accountability Network India. September 23, 2019: There has been misleading media reports, which claimed that State Bank of India has revised various services charges. The reports claimed that there has been a…

Bank Mergers did on behalf of Corporates: Sitaram Yechury

For Immediate Release Bank Mergers did on behalf of Corporates: Sitaram Yechury Economists, Unionists and Political Party leaders discuss RBI reserve fund transfer & bank mergers New Delhi, September 3, 2019: “The transfer of RBI’s surplus to the government destabilises the RBI, makes India vulnerable in an on-going global and…

Mergers! Systematic Privatisation of Public Sector Banks

For Immediate Release Mergers! Systematic Privatisation of Public Sector Banks New Delhi, September 2, 2019: We the undersigned organisations and individuals condemn the Government’s decision to merge 10 Public Sector Banks (PSBs) and demand immediate withdrawal of the mergers; Stop Privatisation of the PSBs; Take genuine actions to recover bad…

Strengthen Public Sector Banks! Bring Focus back to Mass Banking!

For Immediate Release Strengthen Public Sector Banks! Bring Focus Back to Mass Banking! July 20, 2019: On the golden jubilee year of nationalisation of the banks, Financial Accountability Network India commends the Public Sector Banks (PSBs) for their service for the past five decades. The role of the nationalised banks…

Not Just RTGS And NEFT, RBI Must Do Away With All Bank Charges

For Immediate Release Not Just RTGS And NEFT, RBI Must Do Away With All Bank Charges Financial Accountability Network India welcomes the Reserve Bank of India’s decision to remove charges for the RTGS and NEFT transactions and to form a committee under the chairmanship of Chief Executive Officer, Indian Banks’…

A Rebuttal To RBI’s Misleading Response On Bank Charges

As a part of FAN India’s campaign against bank charges imposed on saving account holders, people have been lending support by sending emails to RBI governor and demanding the removal of the various charges levied by banks. This document is a point-by-point rebuttal to a response to the RBI’s email…

Stop Imposing Bank Charges on Poor for Flourishing the Rich in India

The recently released Reserve Bank of India’s (RBI) annual Banking Ombudsman Report for the year 2017-18 mentions a pilot study in Mumbai on the service charges levied by the banks for basic banking services. The study was commissioned to ascertain customer feedback and the need for rationalisation of charges. The…