(Satya Havilah, Intern Journalist) New Delhi: The central government has taken a key decision. The bank has announced that it will provide relief to its customers. Public sector banks have dismissed media reports that PSBs have increased service charges. The Finance Ministry has assured that public sector banks will not raise service charges shortly during the Covid19 adverse.
There are no service charges on 60.04 crore Basic Savings Bank deposit accounts. This also applies to Jan Dhan accounts, the Finance Ministry said. It is learned that the Bank of Baroda on Sunday announced that charges are levied on deposits and withdrawals after exceeding the prescribed limit. The bank said the charges would come into effect from November 1.
However, the Finance Ministry has recently responded to the issue. The Finance Ministry has made it clear that public sector banks will not raise any charges in the event of a coronavirus outbreak. It also said that public sector banks would withdraw their decision to increase charges.
In this case, the Reserve Bank of India has the power to levy service charges on the services provided by the banks themselves as per RBI guidelines. But now the central government has directed the public sector banks not to impose any charges. This can be a source of frustration for bank customers.
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