Don't create obstacles: Industry body wants fee on cash withdrawal scrapped

HDFC, ICICI, SBI announced that they will levy fees of Rs 150 on deposit or withdrawal of cash

Rajkot Chamber of Commerce and Industry (RCCI) has urged Union Finance Minister Arun Jaitley to scrap charges levied by some public and private banks after certain number of cash transactions at branches.

"Recently, some private and public banks have announced cash transaction charges on their account holders beyond stipulated number of cash transactions," said RCCI president Sameer Shah in a letter to Jaitley.

"After almost four months since demonetisation, things remain unsettled at ground level. Marginal businessmen, poor and middle class people are still at receiving end. Almost on daily and weekly basis, some new rules are introduced," he claimed.

"We, as an apex industry body of the district, are receiving complaints from our members regarding obstacles being created in the form of new measures," he claimed.

"The bank should reduce their administrative expenditure and NPAs to earn more, but it is ridiculous to levy charges on cash transactions," he said.

Private banks like HDFC and ICICI, as well as public banks like SBI recently announced that they will levy fees of Rs 150 on deposit or withdrawal of cash from the savings accounts at bank branches beyond four to five times in a month.