As a part of government’s cashless economy and digital India, the banks both private and nationalized have started to squeeze the customers by one or other pretext. The banks are imposing unethical service charges for each and every transaction either through bank or through ATMs. These charges are being debited from the accounts even without informing the account holders. The customer detects this only if he or she keeps track of the transactions in the account. Many banks levy service charges in the name of third party transactions. The accounts are opened only to facilitate financial transactions and restricting third party transaction itself is against the spirit of banking .If someone pays cash into a customer’s account, immediately the bank deducts Rs.112.36 from the account. Even if only Rs. 5 is paid in cash, the bank will immediately deduct Rs. 112.36. If someone wants to take revenge, they can pay Rs. 5 several times and the account holder will lose Rs. 112.36 each time!
India’s leading banks are now charging Rs.150 for cash deposits and withdrawals at bank branches after four free transactions in a month. Besides, the banks will charge at the rate of Rs.5 for every Rs.1000 transacted or Rs.150, whichever is higher. If we use the ATMs, then also we have to pay huge service charges, which are abnormal and mostly confusing. According to the new direction, five withdrawals are free at ATMs of the account holder’s bank. A charge of Rs.20 is levied from the sixth withdrawal onwards. It has hardly any logic that we have to pay service charge for depositing money in our account. All the bank account holders are paying annual bank charges for maintaining their accounts whether it is savings account or current account. Therefore there is no justification for imposing such types of service charges from the customers. It is nothing but trapping and looting by the banks as the government has declared that all the welfare scheme benefits, pensions, subsidies etc will be distributed only through banks. It means, a bank account is compulsory to live in India. The banks are exploiting such situation. The reserve bank of India, which has lost its entire credibility due to illogical demonetization, has become mere spectator and doing nothing to prevent the banks from such extortion of money in the name of service charges. The Union government is silently supporting the banks in the name of cashless economy and thereby expecting huge dividends from the banks as they are getting enormous profit through this service charge raj. By imposing hidden charges from the customers by the banks, the government is allowing them to violate the fundamental rights of the people about protection of their hard earned wealth. The people from all walks of life should raise voice against this organized loot.