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Withdrawal of free banking services after January 20 a hoax: Indian Banks' Association

In an official statement Indian Banks' Association clarified that 'there is neither a move by banks for a blanket removal of free services nor such a thing is being contemplated'.

Written by: India TV Business Desk, New Delhi [ Published on: January 10, 2018 19:00 IST ]
Withdrawal of free banking services after January 20 a
Image Source : PTI Withdrawal of free banking services after January 20 a hoax: Indian Banks' Association

Indian Bank Association on Wednesday dismissed the rumours about alleged withdrawal of free services by banks after January 20. The rumours, generated on social media, claimed that free services of public sector banks will be ceased in next 10 days. 

Reacting to the hoax, Rajeev Kumar, secretary of Department of Financial Services, tweeted: "No proposal by Banks to discontinue free services from 20th January. Pure Rumours. Pl Ignore.(sic)"

In an official statement Indian Banks' Association clarified that 'there is neither a move by banks for a blanket removal of free services nor such a thing is being contemplated'. 

The banking association, however, did clarify that banks were looking at its commercial and operational costs and would constantly examine and revise charges as the case may be. 

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