Apart from the really big names such as, Mallya and Modi, there are significant amount of Non Performing Assets (NPAs) that these banks are having to deal with and it is the poor and the middle class that compensates those stolen money. Samar Bose, a resident of Kolkata, who had some fixed deposits in State Bank of India (SBI) got confused when he found that the bank has charged him Rs. 2,500 for reasons not stated. When he met the branch manager with his query as to reasons for charging the amount, the bank official was equally surprised. After talking to his staff, he could not come up with a definitive answer. The next thing the manager did was to call up the SBI HQ in Mumbai. He called twice, but the concerned person on the other end of the call, too, could not cite any reason for the said bank charges. There are many other people having account in the public sector banks that faces such unknown bank charges whose justifications could not be found.
Apart from undefined charges, the bank charges to common people have increased exponentially for last couple years.
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SBI, along with some other nationalized banks have increased the charges on a slew of services, such as ATM withdrawals, RTGS, NEFT, and minimum balance in savings accounts (excluding Jan Dhan). This trend was started by SBI and in the wake of it, other banks such as Punjab National Bank, HDFC, and ICICI Bank followed suit.
“In sync with our strategy and complementing the focus of Government of India to create a digital economy, we have taken one more step to promote use of internet banking and mobile banking for doing NEFT and RTGS transactions by reduction of the charges,” says Rajnish Kumar, MD, SBI.
There has been accumulation of consumer anger because of such charges on a plethora of forced services and new regulations that most of the consumers are not even aware of. The online petitions and Twitter campaigns have also added fuel to the fire.
When thousands of crores of rupees are being siphoned away by people like Nirav Modi and Vijay Mallya, the middle class and poor are being burdened with such senseless charges! Apart from the really big names such as, Mallya and Modi, there are significant amount of Non Performing Assets (NPAs) that these banks are having to deal with and it is the poor and the middle class that compensates those stolen money! It has to be admitted that this trend has been kicked off after the BJP government has come to power. The upcoming elections will tell us how this has impacted on the common people.