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Finance Ministry: No increase in service charges by any public sector bank

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Gitanjali Mangal
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Finance Ministry: No increase in service charges by any public sector bank
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The Finance Ministry has said that there has been no increase in service charges by any public sector bank, even
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Bank of Baroda has decided to withdraw changes made with regard to the number of free cash deposit transactions in a bank account per month. Also Read | Sikh men unravel turban to save drowning girls at Canada’s Calgary lake publive-image Finance Ministry said that Bank of Baroda had made certain changes with effect from November 1, 2020, with regard to the number of free cash deposits and withdrawals per month. The number of free cash deposits and withdrawals, have been reduced from five each per month to three each per month, with no change in the charges for transactions in excess of these free transactions, it stated.
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No decision to discontinue printing of Rs 2,000 notes: Finance ministry -  Times of India “Bank of Baroda has since informed that in the light of the current COVID related situation, they have decided to withdraw the changes. Further, no other PSB has increased such charges recently,” Ministry said. educare Although, as per RBI guidelines, all banks, including public sector banks (PSBs), are permitted to levy charges for their services in a fair, transparent and non-discriminatory manner, based upon costs involved, other PSBs have also intimated that they do not propose to raise bank charges in the near future in view of the COVID pandemic, it said. Also Read | Australian cricketer Shane Watson retires from competitive cricket With regard to Basic Savings Bank Deposit (BSBD) accounts, it said, no service charge is applicable on the 60.04 crore such accounts, including 41.13 crore Jan Dhan accounts opened by the poor and unbanked segments of society, for the free services prescribed by RBI. -PTC News-
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