Bank charges may be capped

Proshare

 

Faced with a rising number of customer complaints on excessive charges, the Reserve Bank of India has asked the Indian Banks‘ Association to come up with guidelines on what the reasonable charges should be.

 

Accordingly, the industry lobby has asked its Committee for Customer Service headed by Standard Chartered Bank, Chief Executive Officer, Mr. Neeraj Swaroop, to submit a report to the regulator. In turn, a sub-committee of bankers from State Bank of India, Corporation Bank, Citibank and ICICI Bank, which is headed by Union Bank of India Executive Director, Mr. S Raman, has been tasked with framing the guidelines.

 

 

Sources associated with the sub-committee told Business Standard that the panel had been mandated to look into 27 items categorised as basic transaction services.

 

 

Apart from charges for issuing cheque books and drafts, the committee is looking at charges for cheque return, reviving inoperative accounts, issue of duplicate pass books and others such as not maintaining the prescribed minimum balance.

 

(Source: Punch)

 

 

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