Financial Accountability Network – India
Striving to Make Financial Institutions Accountable
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…
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.…
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! 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…
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)…
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…
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),…
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…
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…
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…