SRINAGAR: Srinagar Group of Schools (SGS) which runs a chain of schools in Srinagar Wednesday alleged that the HDFC Bank cheated them by deducting transaction charges to the tune of Rs 2 lakhs in six months.
The Chairman SGS said that Chanapora branch of HDFC Bank approached Srinagar British School, Nowgam to open its accounts with the branch holding the promise that the current account will be opened with Zero Balance and parents can deposit tuition fee and transport charges in any branch of HDFC Bank in Srinagar city and there will be no transaction charges.
The Bank authorities got blank form signed by school authorities and later on they deducted an amount to the tune of Rs 2 lakhs, he alleged.
The school chairman said that when the school authorities contacted the branch they assured that the transaction charges will be reversed in case they take an insurance policy of Rs 50,000.
On taking insurance policy, the HDFC bank did not reverse the entire amount and when again contacted, they gave another pretext of maintaining minimum balance, where as account was opened with zero balance, he said adding that when the school maintained minimum balance, still bank continued to charge transaction fee, he said adding that the bank cheated the school to the tune of Rs 2 lakhs from March to August 2013.
When contacted, an official of HDFC Bank Chanapora Branch said that the said school had taken up the matter with Reserve Bank of India but they have rejected schools claim. (CNS)
Be Part of Quality Journalism
Quality journalism takes a lot of time, money and hard work to produce and despite all the hardships we still do it. Our reporters and editors are working overtime in Kashmir and beyond to cover what you care about, break big stories, and expose injustices that can change lives. Today more people are reading Kashmir Observer than ever, but only a handful are paying while advertising revenues are falling fast.