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Financial Services Secretary Rajeev Kumar on Wednesday 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'.
"No proposal by banks to discontinue free services from 20th January. Pure Rumours. Pl Ignore , advises Indian Banking Association clarifying that rumours in section of social media are baseless and no such blanket removal.@finmin@pmoindia@PIB@ ANI," Kumar wrote on Twitter.
There have been reports in certain sections of the media that all free services of Public Sector Banks (PSBs) will cease by January 20, 2018.
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.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)