Banking services not to be discontinued, clarifies Govt

Banking services not to be discontinued, clarifies Govt

Banking services not to be discontinued, clarifies Govt

The Government on Wednesday clarified on the matter of all free services of Public Sector Banks (PSBs) will cease by January 20, 2018. In a letter, Financial Services Secretary Rajeev Kumar 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’.

The Indian Banks’ Association also released a circular stating that banks don’t plan to remove free services.

The circular further states that banks are constantly examining commercial and operational costs, and would constantly revise charges if needed.