ICICI, HDFC, Axis Banks Unleash Rs.150 Extra per Transaction, Citing Cashless Economy Drive

With the government and regulator RBI remaining mute witnesses to the horrors, private banks have unelashed Rs.150 per cash transaction and the three major private banks — HDFC Bank, ICICI Bank and Axis Bank — were in the forefront to unleash the new banking terror on customers. Other private and scheduled banks are waiting for the reaction of customers before falling in line to fleece the customer till the last rupee.

Under new rules, up to 4 transactions from the home branch will be allowed and for every additional transaction, whether depositing amount or withdrawing or seeking any other banking transaction, the customer has to pay an amount of Rs 150 first and then stand in the queue, the length of which is not any concern for these private or government-owned banks.

Other harsh rules unleashed in Indian banking sector include:

Customers can withdraw or deposit up to Rs 2 lakh in their savings or salary account in any month. If they exceed this amount, then Rs 5 per Rs 1000 or a minimum amount of Rs 150, will be charged. In case of depositing or withdrawing from non-home branch, daily transactions beyond Rs 25,000 will be charged Rs 5 per Rs 1000 or a minimum amount of Rs 150.

While deposit at ATMs is free for first cash deposit in a calendar month, Rs 5 per thousand will be slapped on customers, thereafter. With variation, these three private banks have been re-writing the rule book on their own under the guise of encouraging cashless economy, which the RBI and the government are vouching.

Since elections are over in UP and other state assemblies, it is likely that the banks will be given a free hand to devise the rules unless the RBI steps in to save the ordinary Indian depositor, who has just recovered from the onslaught of demonetisation that has virtually ruined the ordinary people and the economy as well.

The private banks, whose ATMs are still seen displaying NO CASH boards and who had played a vital back-door game to weaken the demonetisation or drive against black money in the months of November and December, have woken up to the new tool they can use in the guise of cashless economy. It remains to be seen whether the Modi government and RBI, which have been keen on encouraging cashless economy, would remain mute spectators as private banks are in the forefront to fleece ordinary bank customer.

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