It refers to shocking report about total rupees 4988 crores combinedly imposed by all banks including private and public-sector banks with major share grabbed by private-sector banks. Major share in such penalty is for not keeping minimum balance in accounts. At a time where Central Government is insisting on banking transactions with introduction of zero-balance bank-accounts under Pradhan Mantri Jan Dhan Yojna, it should be ensured that requirement of Minimum-Balance in all types of bank-accounts for both public and private sector banks be abolished.
Private banks have too many hidden charges including various types of penalties with different rate-structures. Department of Financial Services DFS and Reserve Bank of India -RBI should introduce common rates of penalties imposed by banks. Private and public sector banks should compete through better services rather than having right to impose penalties as a measure to increase profitability to counter losses due to Non Performing Assets -NPA. Common persons must not suffer through money-minting penalties to counter losses due to NPAs.
E-mail [email protected]
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.