No proposal by banks to discontinue free service from 20th January

New Delhi: In response to rumors that from 20th January banks will start charging various fees over financial transactions, Indian Banking Association has clarified: There are reports in some segments of social media based on misinformed communications and spreading false information that all the free services of public sector banks will be ceased by January 20, 2018. In addition, there is neither move by banks for such a blanket removal of free services nor such thing is being contemplated. However banks looking at its commercial and operational costs would constantly examine and revise charges as the case maybe. It is clarified by IBA that these rumors are baseless and false. Public should be careful and should not get misled by such messages. Such news are pure rumors and there are no such fresh RBI instructions/guidelines on this.