Free banking services to discontinue from January 20? Rumour or truth? Find out here


Millions of bank customers are wondering ‘Is there any proposal from Government of India to discontinue free banking services from January 20?’ Now, Narendra Modi government has come forward to answer this.

Financial Services Secretary Rajeev Kumar on Wednesday clarified that the Government of India has no proposal to discontinue free banking services from January 20 and asked people not to pay heed to ‘baseless rumours’.

“No proposal by banks to discontinue free services from 20th January. Pure Rumours. Pl Ignore , advises Indian Banking Association clarifying that rumours in section of social media are baseless and no such blanket removal.@finmin@pmoindia@PIB@ ANI,” Kumar wrote on Twitter.


Indian Banks Association’s Statement:-

According to an official statement by Indian Banks’ Association, “There is neither a move by banks for a blanket removal of free services nor such a thing is being contemplated: Indian Banks’Association over reports in social media that free services of public sector banks will be ceased by January 20.”

“However banks looking at its commercial and operational costs would constantly examine and revise charges as the case may be,” the statement added.

Earlier, there have been reports in certain sections of the media that all free services of Public Sector Banks (PSBs) will cease by January 20, 2018.

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