Banks Fraudulently Converted Jan Dhan Accounts into Regular Saving Accounts to Extract Bank Charges

Banks Fraudulently Converted Jan Dhan Accounts into Regular Saving Accounts to Extract Bank Charges

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…

Bank Charges Exhausting Covid-19 Relief Fund

Bank Charges Exhausting Covid-19 Relief Fund

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…

Depositors facing double whammy of keeping savings and paying for bank losses

Depositors facing double whammy of keeping savings and paying for bank losses

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…

Depositors Paying the Price of Corporate Bad Loans

Depositors Paying the Price of Corporate Bad Loans

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.…