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Cash transaction charges akin to 'financial terrorism', says Confederation of All India Traders

Thursday March 2, 2017 8:45 PM, & Agencies


New Delhi/Mumbai:
A day after HDFC, ICICI, Axis and some other banks decided to levy cash transactions charges at its branches, the Confederation of All India Traders (CAIT) on Thursday said the levy amounted to "financial terrorism".

"We strongly object levy of abnormal charges by banks on withdrawal of cash more than four times from saving bank acounts. 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 mercy point," CAIT General Secretary Praveen Khandelwal said according to media reports.

"If digital payment is to be leveraged, the government must absorb transaction charges by subsidising the same to banks and effective incentive schemes must be announced to promote more and more digital payments in India," Khandelwal said.

Mulitiple media reports today said in a bid to promote cashless transactions, banks have started charging a specific transaction amount, Rs 150 after four free cash transaction.

The reoports said, HDFC Bank, ICICI Bank and Axis Bank have already decided to implement the new charges. Other banks are expected to follow suit soon.

"People who hold savings accounts don’t have to pay any transaction amount up to 4 transactions from the home branch but with every additional transaction, the customer has to pay an amount of Rs 150", HDFC bank officials said.

According to ICICI Bank, there will be no charge for first four transactions a month in home branch while Rs 5 per Rs 1,000 would be charged thereafter subject to a minimum of Rs150 in the same month.

In the case of Axis Bank, people may transact up to Rs 1 lakh in a month in the home branch. Transaction above this amount will charge Rs 5 per Rs 1000 or a minimum amount of Rs 150. While the number of transactions exceeding more than 4, an amount of Rs 150 will be charged on each.


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