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No blanket removal of free services by banks from January 20: Indian Banks’ Association

Banks would, however, constantly examine and revise charges for services offered.

The Indian Banks’ Association (IBA) has clarified that there is no ban on any free services that banks are looking at and services will continue as they are at present.

The IBA issued a statement after it found reports in some segments of social media which it said was based on misinformed communications and spreading false information that all the free services of banks will be ceased by January 20, 2018.

“It is clarified by IBA that these rumors are baseless and false… Public should be careful and should not get misled by such messages. Such news are pure rumors and there are no fresh RBI instructions / guidelines on this,” IBA said in the statement.

Additionally, there is neither move by banks for such a blanket removal of free services nor such thing is being contemplated.

However, IBA stated that, “Banks, looking at its commercial and operational costs, would constantly examine and revise charges as the case may be.”

Source: PTI

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