CAIT oppose Cash Transation Charges by Banks

cashThe Confederation of All India Traders (CAIT) has strongly objected levy of abnormal charges by various Banks on each deposit or withdrawal of cash more than four times in a month from Saving Bank Accounts. Levy of such charges is a kind of financial terrorism on account holders. It can’t be the way to encourage digital payments and putting the people at the will and mercy of the Banks-said CAIT. It has urged the Government to intervene in the matter and save the public from the clutches of autocratic attitude of these Banks. This move of the Banks will greatly harm the general public more since Savings and Salary Accounts are used by common man to discharge various obligations.

CAIT National President B.C.Bhartia and Secretary General Praveen Khandelwal while commenting upon this move said that the concept of digital payment is a welcome step and CAIT is closely working in association with Mastercard in the Country since last more than two years for promotion of digital payments in the Country. If digital payment is to be leveraged, the Govt must absorb transaction charges by subsidising the same to Banks and effective incentive schemes must be announced to promote more & more digital payments in India. RWAs, Trade Associations and other such organisations should be taken in confidence for working in tandem with Government to promote digital payments.

Both Bhartia and Khandelwal said that if such kind of steps will be taken by the Banks, the people will like to open Accounts with Cooperative Banks rather. The Banks are earning huge revenue by lending deposits made by the people and always keep a distance between interest paid and interest charged on deposits. Money lying in current Accounts are also being utilised for lending without giving any interest. Therefore, the Banks should not take extreme steps to discourage people.

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