By Ashish Kajla Banks act as financial intermediaries between depositors and borrowers. It is the public money, deposited in the form of term deposit (fixed deposits) and time deposit (saving and current accounts) which banks use for lending to borrowers. Since public money is important for the banking sector, banks…
Bank charges shifts the burden of NPA on poor: Dr Syeda Hameed
“The policy on bank charges is extremely shameful as the burden of the NPA created by the rich and corporates has fallen on the poor, students, muslims, dalit women and men, and other marginalised sections.,” says Dr Syeda Hameed, former member of the Planning Commission of India.
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…
HDFC’s minimum balance penalty pushed my account balance to Rs -4000: Rehan, Jamia Millia Islamia
“I have an account in the HDFC Bank, where the requirement of minimum balance is Rs 10,000. Since the last five-six months, I haven’t been able to maintain it. The penalty levied by the bank due to the non-maintenance of the minimum balance has pushed my account balance to Rs…
Financial misrule, frauds plagued Modi’s tenure
The NDA government led by Narendra Modi over the last five years has caused more damage to the economy than giving a big impetus to the growth, a report said. The economy took a severe hit with the mounting Non Performing Assets (NPA), policies (read Punishment) like Demonetisation, GST, Insolvency…
We pay bank charges twice on the same money
I am a student and do not have a lot of money in my account. Whenever I need money, I ask my father for it. Due to the capping on the number of free transactions, we often end up paying the charges fine, says Priyanshu Jain, a BCom student.
Bank charges have created havoc in the lives of people: Ambarish Rai
“Bank charges have created havoc in the lives of people. Where would they go for the safety of their money? These charges are being levied by the banks when the corporates have taken massive loans, of which over Rs 4.5 lakh crores of NPAs have already been waived off by…
We must together oppose bank charges: Indu Prakash Singh
The Bank’s policy of levying charges is wrong. We must together oppose this policy as whatever the service, they charge for it. From SMS alerts to transacting on the bank. These all are arbitrary charges, which we must not pay as it is our hard-earned money. It is not money…
SBI deducted over Rs 1000 from my account: Faizan, a student
“In the last year and half, SBI has deducted over Rs 1000 from my account in the name of minimum balance and other banks charges,” says Faizan, a student of the Jamia Millia Islamia University.
The Government Must Recover The Money From The Large Borrowers: Shabnam Hashmi
“The wealthiest one per cent in India holds the majority of the total national wealth. If we look at the non-performing assets of the banks, these one per cent people are responsible for them. Instead of recovering the loans from these borrowers, or tax them, the government introduced various bank…