No plan to discontinue free banking services: IBA

The industry body, however, said in a statement that banks will continue to review their transaction charges based on operational and commercial viabilities.

By: ENS Economic Bureau | Mumbai | Published: January 11, 2018 2:05 am

The Indian Banks Association (IBA) on Wednesday there’s no plan to discontinue all free banking services from January 20.

The industry body, however, said in a statement that banks will continue to review their transaction charges based on operational and commercial viabilities. “There are reports in some segments of social media that all free services by banks will be ceased from this January 20,” it said.

“There is neither any move by banks for such a blanket removal of free services nor such a thing is being contemplated. It is clarified that these are baseless and false information,” it said, following reports in social media that banks would introduce new charges on various services from January 20.

IBA, however, said, “Banks are looking at commercial and operational costs and would constantly examine and revise charges as the case may be.” The association also warned the public not to get misled by such messages as “such news is pure rumours and there is no fresh instruction/guidelines on this by the Reserve Bank”, it added.

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