LIVE TV DownloadNews18 App
News18 English
Powered by cricketnext logo
»
1-min read

'Withdraw Plan to Charge on Transactions on SBI Mobile Wallet'

Stating that SBI had changed its earlier stand from charging for transactions made through ATM to levying a charge for transactions through e-wallet, he said SBI had also planned to impose charges on exchange of soiled notes.

News18.com

Updated:May 13, 2017, 5:01 PM IST
facebookTwittergoogleskypewhatsapp
'Withdraw Plan to Charge on Transactions on SBI Mobile Wallet'
File photo of an SBI ATM. (Reuters)
Loading...

Chennai: The Bank Employees Federation of India has demanded that State Bank of India, the country's largest public sector bank, withdraw the proposed plan to levy charges on transactions made though bank's mobile wallet.

Last week, SBI had said it would introduce a new facility through which every withdrawal of cash through ATMs using the bank's mobile wallet would attract a charge of Rs 25.

BEFI Tamil Nadu unit General Secretary C P Krishnan said the association wanted SBI to withdraw the plan "forthwith".

He pointed out that SBI which has already in control of 25 per cent of the total business in the banking industry, had increased it to 33 per cent, following the merger of five subsidiary banks from April 1, 2017.

Stating that SBI had changed its earlier stand from charging for transactions made through ATM to levying a charge for transactions through e-wallet, he said SBI had also planned to impose charges on exchange of soiled notes.

"SBI management has begun a war on the common man and the SBI clients numbering around 25 crore in the name of service charges and fine. This would set a bad precedent for other public sector banks", he said.

Recalling SBI's announcement in 2012 that it would waive the rule to maintain minimum balance for Savings Bank account holders, he said the new announcement of steep increase in charges to those who do not maintain minimum balance will drive "crore of people away from the bank."

"We strongly deplore this move of the SBI and demand that the RBI and Central Government instruct the SBI management to withdraw it immediately", he said.



Catch the biggest newsmakers and the biggest newsbreaks on CNN-News18, the only news destination. Keep watching CNN-News18 at just 50 paise per month. Contact your cable/DTH operator now!

*Rental/capacity fee of Rs. 130/- as charged by cable/DTH operator may apply. **GST extra.
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwittergoogleskypewhatsapp
Most Active
Company Price Change %Gain
Sun Pharma 390.75 -8.39
Reliance 1,184.35 4.40
Jet Airways 281.20 -1.44
Yes Bank 198.60 -1.44
HUL 1,744.10 -0.42
Company Price Change %Gain
Sun Pharma 390.75 -8.52
Reliance 1,182.95 4.34
ICICI Bank 371.90 -0.39
Jet Airways 281.35 -1.21
Yes Bank 198.25 -1.59
Top Gainers
Company Price Change %Gain
Reliance 1,184.35 4.40
Wipro 346.15 3.21
Kotak Mahindra 1,240.20 1.66
Hindalco 208.80 1.36
Adani Ports 399.30 1.22
Company Price Change %Gain
Reliance 1,182.95 4.34
Kotak Mahindra 1,237.35 1.41
HCL Tech 964.50 1.02
Asian Paints 1,401.30 0.85
ONGC 146.25 0.79
Top Losers
Company Price Change %Gain
Sun Pharma 390.75 -8.39
Bharti Airtel 311.15 -6.29
GAIL 322.15 -3.08
Larsen 1,317.90 -2.09
HPCL 239.50 -1.92
Company Price Change %Gain
Sun Pharma 390.75 -8.52
Bharti Airtel 310.95 -6.42
Larsen 1,318.25 -2.07
Axis Bank 664.30 -1.77
Yes Bank 198.25 -1.59

Live TV

Loading...
Countdown To Elections Results
  • 01 d
  • 12 h
  • 38 m
  • 09 s
To Assembly Elections 2018 Results