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State Bank of India (SBI) today issued a clarification saying it has refunded charges deducted on digital transactions from zero-balance or basic savings bank deposit (BSBD) account holders. However, SBI added that it continues to levy charges on cash withdrawals over and above the four free withdrawals which are allowed per month.
In a release, the state-run lender said, “In terms of Central Board of Direct Taxes (CBDT) directives, SBI has refunded the charges recovered in respect of all the digital transactions to the BSBD customers from 1 January 2020 to 14 September 2020. SBI has stopped recovering charges in such accounts on all digital transactions from 15 September 2020, while retaining charges on cash withdrawals over and above four free withdrawals allowed per month. The objective is also to encourage BSBD account holders including Pradhan Mantri Jan Dhan Yojana (PMJDY) account holders to adopt digital payment through the prescribed modes vis-à-vis the cash tran
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A new study by IIT Bombay has revealed that several banks, including State Bank of India (SBI), have been imposing excessive service charges on zero-balance or basic savings bank deposit accounts (BSBDA). In fact, SBI alone collected almost Rs300 crore over the past five years from these zero-balance or basic accounts.
The study observed that the SBI’s decision to levy a charge of Rs17.70 for every debit transaction beyond four by the BSBDA account-holders cannot be considered as reasonable. It is usually the poorer people and students who are fleeced and this continues even now in a year-long COVID situation when things have been rough and the poorer sections have borne the worst brunt of lock-downs and restrictions.
The study observed that the SBI s decision to levy a charge of ₹17.70 for every debit transaction beyond four by the BSBDA account holders cannot be considered as reasonable
Jan Dhan accounts cross 41 crore, only 7.5% zero-balance accounts
Govt. committed to #FinancialInclusion to all citizens. As on 6/1/21, #PMJDY accounts cross 41 Cr. and Zero Balance Accounts decline to 7.5% from 58% in March 2015. Clearly showing the use and adaption by every account holder, the Finance Ministry said
PTI | January 19, 2021 | Updated 21:36 IST
The Finance Ministry on Tuesday said that more than 41 crore people benefited from the Pradhan Mantri Jan Dhan Yojana (PMJDY), a flagship scheme of the government to promote financial inclusion. As on January 6, 2021, the total number of Jan Dhan accounts stood at 41.6 crore. Govt. committed to #FinancialInclusion to all citizens. As on 6/1/21, #PMJDY accounts cross 41 Cr. and Zero Balance Accounts decline to 7.5% from 58% in March 2015. Clearly showing the use and adaption by every account holder, the Finance Ministry said in a tweet.