Financial Accountability Network – India
Striving to Make Financial Institutions Accountable
Bank Charges Should be Scrapped and Not Just Paused out of ‘Benevolence’ November 4, 2020, New Delhi: The Ministry of Finance announced yesterday that, no Public Sector Bank has increased the bank charges and will not do so in view of the COVID pandemic. The announcement came after strong backlash…
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…
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…
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…
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.